While not the focus of the question I wanted to point out that when it comes to drill presses I almost always see forstner bits suggested here at WW (for good reason of course).
Much to my surprise in this answer from Graphus he suggested using auger bits instead. He mentions that depth of cut and price are key factors in choosing auger bits. Albeit a drill press was not the tool he suggested but I was still surprised.
Understandably spade bits would be at the bottom of choice but when it comes to making holes in wood what criteria would make me choose auger bits over something like a forstner? The latter I have come to understand are superior. Maybe they are but only under certain conditions?
It is possible those are the answers and that maybe forstner bits should only be used in drill presses. If nothing else this can be a place for that answer.