Not saying the blade in the photo is done this way, but remember ... a faux-hamon is only a matter of polishing and etching techniques. You see cheap Chinese katana in 440C with a perfect looking suguha or notare hamon. The problem is it is on the surface, not in the steel.
I have put a hamon on A-2 by conventional clay coating and non-foil HT, but considered it more of a surface effect caused by the clay than a structure effect in the steel. If I ground too deep post-HT it started to disappear. Overall, I was not pleased with the effect.
I also did an experiment with 15N20 where I coated the ha, not the spine. The effect was caused by the increased depth of decarb on the exposed upper bevel in the 20 minute soak. I suspect if I had ground the upper bevel down to fully hardened steel it would have removed the hamon. It did look pretty good, though. I never tried the reverse clay on any other steel, but suspect it would have left A-2 with a bright ha and a dark ji.