The hamon indicated a line of demarcation where the spine is softer, and the edge is harder. If you watch the process, the thicker clay is at the spine.
Of course, Japanese swords had quite a few different construction methods involving layers of lower carbon and higher carbon steels. Sandwiched, inlaid, wrapped around. Hard edge soft sides. Hard sides soft core. Hard edge and hard spine but soft sides, etc.
Hamon's are beautiful because of the amount of work it takes to get them to appear. You don't pull a clay treated knife out of the quench and see a lovely hamon, or nice temper line.
They take a lot of finishing work to get. It is a skill, and an art. Ask a custom maker who is learning to try and get a well defined hamon line. Lots and lots of steps, and still, often it does not turn out. Nothing "left over" about them.
To get the really fantastic hamon lines you see, often they are using a brine quench (salt and water). This process alone can destroy 1 in 3 blades or more, even for expert makers. They simply crack and fail. I have seen video's of clay coated swords being quenched, and it is fantastic how much the steel bends and then curves back from the different cooling rates!
For modern, high tech steels, the differential heat treat is not really necessary.
It is also not really necessary with short blades either. It is just an extra step that shows skill, and adds beauty.
Many steels won't show any hamon line or even a temper line even if you try.
So, understanding this, and though this might be a totally separate topic, if differential heat treatment makes a superior knife treatment, why do, at least at the high end, do production makers not do this. Purposely turn out an inferior product? Doesn't seem right. Plus, different companies claim to differentially heat treat blades regularly, yet, alas, no hamons. Are they lying, exaggerating, or just applying more work into the final finish?
A simple answer would be "NO".
Differential heat treat may not yeild a very visible temper line on some steels. It will have a harder edge and softer spine, which is the desired result. Even if finished out properly, it might be nothing more than a barely noticeable line. Or not at all.
Modern "super" steels may not show much improvement from differential heat treat, and clay coating to try and get a hamon would be counter productive.
Also, differential heat treat, and a heat treat protocal that produces a wavy hamon are completely different.
A softer spine and harder edge are considered beneficial in knives and swords that will undergo impact and stress of impact.
a 4 inch blade is just not going to experience the same levels of forces.
A 4 inch folder blade can be harder, even mono tempered with no ill results. That same steel, taken out to a 12 inch blade at the same hardness may chip, crack or break if you exert chopping or impact forces.
It's apples to oranges.
So many things enter into the equation. Length, spine thickness, steel choice, uses, etc, etc.