Of course if you're used to larger planers, a lunchbox-style one is going to seem slow and limited. You are going to have to do a lot more passes than you're used to.
But I have a Rigid planer, and it shouldn't have any problem removing 1/32 from a 5 inch wide piece of oak. With reasonably sharp knives I usually turn the handle about 3/4 turn per pass (I think a turn is 1/16, so that's 3/64) on hardwoods (maple, yellow birch, ash, oak), though if the piece is wide I'll remove more like 1/32 at a time, with a final clean-up pass at 1/64 (quarter-turn). With new knives on a 6-inch wide piece you might be able to get up to 1/16th on a 6-inch wide piece, as long as the grain is straight.
Blades are considered throwaways. But people certainly sharpen them (William Ng has a video on youtube where he builds a jig and shows how he ensures he removes the same amount on all three knives). I've honed them very lightly a couple times to get a bit more life. I had a set reground at the sharpening shop once, but it cost 2/3 of the price of new knives and I didn't think they cut as well, so I've not tried it again.

 

It’s nice to have a small lunchbox planer for small projects. I also have a powermatic full size planer. I miss my dewalt 735 that had knives.
Don’t let anyone tell you those disposable knives cannot be sharpened if there’s no deep nicks you can do it.
Here’s a fixture that’s easy to make. Just match the angle cut in the fixture to the one on your blades. Usually 45 degrees if the knives are thinner the 1/8 use shims to hold them tight in the fixture.

 

Don't plan on keeping this one. Just trying to make sure there is nothing wrong. The blades feel fairly sharp, not dull enough to cause it to bog as bad as it did.

Probably going to put it in storage for now. Buy a set of blades latter on and then sell it.

 

My rigid, may not be the same model, has reversible, disposable blades and came with a spare set.