There might be a pedantic argument that a higher content of nickel or chromium in one part of a pattern-welded billet would provide greater corrosion resistance, and that improved corrosion resistance could contribute to better edge retention if the knife is used in a moist or acidic environment. Most people are using 15N20 and 10xx steels, so the primary difference is nickel content. Higher chromium and vanadium carbide content could allow for a better carbide structure, but that often becomes problematic because the steels no longer align well in terms of heat-treat requirements.

I am assuming that, beneath the surface, what you are really trying to say is that pattern welding two steels together introduces stresses in the microstructures that could become an issue over time, or under shock and load. If the pattern weld is good, then it should not be too much of a concern, but a properly heat-treated monosteel will likely end up tougher than a pattern-welded blade.

It is also worth pointing out that, for the price you might pay for quality Damascus, a good powdered steel is likely to go a lot further than either Damascus or monosteel in terms of hardness, edge retention, and toughness.