First, We are talking about drill bits we can resharpen in this thread. Even the shops with CNC cutter grinders inhouse we didn't grind drills in the number gauge sizes. 6mm gun drills was about the smallest and that was because of the how expensive they were.
Second, If you would have read the link I posted, It talks about precision standards and how they relate to the diameter. I didn't just spout it off, I actually linked pertinent information.
Here is a screen shot of Cleaveland/Chicago Latrobe/walter catalog on drill tolerances. The finished diameter of the drill bit itself(
not the diameter of hole it makes) has tolerances as large as you claim before it ever even starts drilling a hole.
Third, Few if any one is going to have a chuck on their drill press or mill that will have .0005" runout or less. Maybe an new Albreicht. But in the CNC world that is going to be a shrink fit tool holder or hydraulic like a Shunk.
Fourth, they make reamers that are wire sizes as well.
https://www.mcmaster.com/products/reamers/system-of-measurement~wire-gauge/
If you want an accurate small hole, you start with an even smaller hole and ream it to size.