The grinder is a very useful tool in the hand tool shop. While there are certainly alternative methods to establishing tool bevels and removing damage from edges, none are as efficient as a grinder. Even most 18th century shops had a grindstone of some kind for major bevel reshaping and edge repair. Of course they were much slower than today’s modern high speed grinders, but their job was the same.
Today, many tool retailers are carrying expensive slow speed grinders, equally expensive soft, friable grinding wheels, and super expensive wet grinding machines, all aimed at reducing the chances that you will overheat a tool at the grinder. However, using proper grinding techniques makes these expensive options unnecessary. With proper grinding technique, an inexpensive, high speed grinder from the hardware store is all you need.