Well, Cold Steel aims to explain how Billy has gotten to this point.
As to whether it succeeds, well, thatll probably vary from person to person.
(It didnt totally work for me.)

Credit: Nicole Rivelli/Netflix
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The episode begins (and ends) with Billy.
See: the scene in which he pays his mother a visit.
The man ended up breaking his arm.
Unfortunately, his fight to keep Anvil is complicated by all of his personal connections.
Now, Billy is in a tenuous position where defending what he has means potentially killing a surrogate brother.
Nevertheless, he pushes forward because Anvil is more important.
One more option: Maybe he truly believes that working with Rawlins is for the greater good.
Hes clearly a patriot.
Im not exactly sure where I was born.
When the feed in the Lieberman home goes out, David sends Frank to check on his family.
It turns out Sarah simply disconnected the internet to punish her son.
Alone in the house together, Sarah and Frank share a few glasses of rose.
That is good s, says Frank in one his funniest moments on the show to date.
When Frank returns to the lair, he finds David drunkenly staring at a frozen frame of that kiss.
From there, the two get drunk together in one of the most humanizing scenes of the show.
Second, he has no romantic interest in Sarah.
So Frank heads over there for a chat with Zach, and of course, David watches it.
This leads to Frank and Zach later playing football in the street.
Overall, this is what I would call a filler plot.
Sam eventually corners Billy and unmasks him, but Billy gets the upper hand and guts him to death.
More importantly, there was no Lewis in this episode, either, which definitely didnt help.