The edge will definitely deform and degrade as you say, for the reasons you state. With a straight razor this is corrected by stropping. That might work with certain old (thick) steel blades but unlikely to be any good with modern blades, especially coated ones. I'm not sure that flipping the blade upside-down would help, as you'd still have the same dodgy blunt and deformed edge, but possibly scratchier. It's a bit like turning your underpants inside out to get a second day out of them!
It begs the question though, do people take care with DE to use one edge for a certain number of shaves and then use the other edge, or does everyone just allow chance to decide how much use each edge gets? I'm not talking about flipping the blade, just using both edges, either by chance or design. Given that my Tech is symmetrical other than the logo on the cap, I have not paid attention to which side is getting the most use, but I guess I could use the logo orientation to keep count, as it were.