Well let's start out with a few larger points.
Edges should be task specific. Thus an extremely coarse or fine finish should be used to best meet the task requirements. The edge for a straight razor is usually going to be very refined. The edge on a meat cleaver isn't too critical.
Edge refinement is limited by the steel. So a cheap knife, a given steel type (and how the knifemaker treats it) all limit your results. Going to more acute angles or more refined finishes is a point of diminishing returns. Much past a 2k edge on a Henkels is truly bragging rights - for the first cut or two.
Now a high quality knife or tool or straight razor - you bet a finer edge helps. Again there is a task dependency and personal preferences.
It helps to think of pastes and stones on the same scale. Thus a 16k stone is a 1 micron paste. A 30k stone a 0.5 micron compound, etc etc.
And while we are talking of ultrafine grits, note that the 0.025 micron (625,000 grit) polycrystaline diamond spray is 10x fine than the quarter micron (64,000) grit.
So how much of a jump is a good idea between grits? Well this depends on how abrasion resistant a steel is AND not just the particle size but the TYPE of particle.
So obviously a 1 micron finish is 4 times coarser than a 1/4 micron finish. A 0.75 micron (24k) finish is 3x coarser than 1/4 micron - an easier jump.
Beyond 1/4 micron a eighth micron is a 2x jump. A tenth micron is 2.5x jump - both very 'doable', A jump from eighth to tenth micron is unnecessay. A jump to 0.025 is a 4x jump from tenth micron - also doable. Also CBN and (especially) poly diamond lend themselves to bigger jumps. And high quality compounds and stones that have a high concentration of abrasives also are significantly advantageous - especially with abrasion resistant steels. I'll ignore various belt grinder formulations for the moment as a separate topic.
It is VERY important to understand that just going to higher grits is not a panacea for all sharpening ills. This is especially so for freehanders, who sometimes get increasingly imprecise geometry going to finer grits, succeeding in rounding off the edge rather than refining it, giving a duller but more shiny edge, often confusing it with a runny edge. This is not an easy concept and I'm sure it will be a matter of debate. Thus a soft strop yields an imprecise geometry. Not that critical if it is your final grit level, but if you do a series of strops this 'slop' can really give you indeterminate results.
In the end you need to experiment and find your level of refinement angles, geometry etc - for each task - cutting veggies, meat, tree trunks and bones, etc etc. If you like to push cut (knives, straight razors, plane blades) more than slice (other knives), your edges should reflect this. If you are cutting on a soft endgrain board, bamboo or (EEK!) a glass or marble surface, your ideal edge should be different.
And there is the undeniable pleasure of being able to pull a knife out of your pocket and demonstrate a level of sharpness few have ever seen
And on this point I'm not singling myself out, but rather a number of sharpeners on this board.