This is personal theory based on trial and error. For most tasks you're better off with some irregularities along the cutting line to help get the cutting started with some friction/tearing action. This can be especially useful on a lot of synthetics and fibrous materials. The high points are still submicron, so it isn't "less sharp", just less uniform - so less sharp across the entire edge, but with some additional "cutting" mechanism. Those irregularities tend to make the edge stay functionally sharp for a longer period of time as well, when used for general cutting. The 2k-4k range is great all-around edge finish for the widest variety of chores.
The more uniform the edge gets the more weighted it becomes toward pressure cutting, shaving, chopping. In the case of stropping, keeping the geometry crisp can also be very challenging and not just because the surface is more conformable than a stone, but there's less feedback to accurately gauge the target angle so greater possibility of broadening the edge.
My philosophy is that pressure into the edge is what dulls it. Whatever combination of edge finish and method - coarse/fine, draw/press - gets the job done with the least amount of force applied is the way to get best life and performance.
In the kitchen its the same strategy - utility knives are done to about 1200-2k as they will be used with a lot of drawing and unsupported cuts. My Chefs knife is done up to 6k on a hard strop, so it chops easier but can still draw some. I actually prefer my machetes, hatchets etc to be more polished than my pocket knives - they cut longer with this finish.
Stropping on paper is a great way to cleanup and slightly refine an edge without smoothing it out, at any finish level. If you like the way it cuts right off the stone, stop there - don't use a formula to determine where you should be.
These are generalizations, some steels just don't like to take certain extremes of finish, but in general this strategy is pretty reliable and just about any steel can take and hold a good edge in that 2k-4k range.
Back to the OP, the last step should be at whatever finish performs best for most of the jobs you'll be doing and this takes a little trial and error. And another possible consideration - what can be maintained over the long haul with the least fuss using your available tools.