For wood hole-saws, you might want to double-check the angle of each tooth. Some of them with have a turned-out/turned-in alternating profile, and this is both: doable because thinner sheet metal is used to make those saws, and necessary because otherwise the track they cut would be too narrow, causing the saw to bind up and warp quicker.

Basically, if you can’t afford carbide-tipped, super-rigid hole-saws, and you want your hole-saws to last, maintaining the over-all circular/cylindrical profile of the overall saw, and the geometry of each tooth is at least as important as the sharpness of the teeth.

That sharpness is wasted if the profile goes egg-shaped, causing each tooth to have to carve its own path, essentially from scratch. your wood plugs should NOT just fall out of the saw after each cut.

The real pro-tip? This. If you start with a template made with a brand-new hole-saw, it will help maintain the circular profile of the blade itself, cutting down on your hole-saw maintenance/sharpening/replacement needs significantly.

Me? I just got sick of relying on/replacing the 1/4" drill-bit in the center. I use it to line-up my template, then I take it out, unless I’m using the Spyder kit I picked-up for 75%-off on clearance about seven years ago, although I have saved and continue to use Spyder hex-arbors where the drill-tip has broken or fallen out.

For $20, you can’t go wrong with the Spyder arbors. I even have one of each of both sizes that I’ve shortened for use in my drill-press. If that sounds crazy, just rest assured that I still have all of my fingers, so far.

EDIT: Holy shit, JFC, I’ve just realized you’re clamping the saw itself. STOP THAT. The only way to properly clamp a holesaw is to clamp the arbor, or with a bolt through the center-hole as your clamp, but never clamp the saw itself. Maybe, MAYBE, you could put two such saws back-to-back, and clamp the seam where they meet with V-blocks, or in a lathe-chuck, but your setup here is just asking that thing to go egg-shaped.