Cold rolling will indeed elongate the grains in the rolling direction. Cold working, as with a hammer, will "stretch" the grains in whichever direction the metal moves. The grains will not be reduced in size until they recrystalize, which for steel takes heat. Of course, the size is largely determined by heat, and they may just grow to the same size again. There are many variables, and without reading up on it, I'll just say it can get pretty complicated. FWIW, the grains elongate during hot rolling too, but they recrystalize very quickly at those temperatures. This is a pretty interesting topic. I read years ago that Darrell Ralph had some improvement in edge holding when cold forging his D2 blades before heat treating. I personally wouldnt try it on a hardened blade, but that's just me.