A system having an instrumented cutter of a drill bit including an on-cutter sensor for monitoring drilling performance metrics while performing drilling operations based on offset well data and a computing device is disclosed. The computing device executes a model development system configured to use the drilling performance metrics, surface drilling parameters, and characteristics of the instrumented cutter to train a machine learning (ML) model. The trained ML model is used to optimize drilling parameters and predict drill bit performance in a current well.