I've done it both ways, and until recently was mostly doing pre-heat treat. I've decided that I prefer doing 1/8" and thinner AFTER heat treat. This is 1080/1084 and CPM154. In particular with longer blades I find I have an easier time not putting a bend in things and keeping my lines even.
I profile, drill and put very short bevels in, really just grinding a 45 or so on either side of where the edge will be to reduce belt wear from the sharp corner. grind the flats if needed then ht. I'm really not noticing a difference in time spent on a knife, and if there's a difference it's to the post ht grinding's advantage. Fewer things to fix, less duplicated work... The actual material removal is slightly slower but with good belts there's not that much difference it seems.