I just mulch the grass, I don't even have mulching blades because my blades are working just fine and my lawn looks great.
Mulching is awesome
Yes, most stock blades can do the job well enough. It just depends on how fussy you are about the clippings it leaves behind and the amount. On really thick, tall grass I can definitely see a difference between my stock blades and my mulching blades.
I bought some "Gator" mulching blades for my Snapper and the LawnBoy. They actually do mulch even finer than a stock blade. The old Gator Blades were heavy duty. The new ones I'm not so fond of. They have really cheapened the product in my opinion. But they still work.
My favorite is the Snapper "Ninja" blades. These are basically turbine blades where you have an extra blade above and at an offset degree angle from the bottom blade. REALLY chops the clippings into very tiny bits. It's my favorite mulching blade by far. I wish I could get one for my LawnBoy.
I also invested (many years ago) in a Snapper "High-Lift Kit" that is simply "Wings" you bolted on to a stock Snapper blade that gave the blade twice as much lift to, as the old ad used to say, "Even pick up Pine Needles". I can testify that it does even pick up pine needles. Amazingly every single one of them. So when I do the final bagging in the Fall, I put this blade on with the High Lift kit.