The general opinion is that it is best done as part of heat treatment. You can do it any time if you want, but the improvements are questionable and little studied in the research I've read. It can improve toughness, wear resistance, edge life, and increase hardness, but all these things depend on the other parts of the heat treatment prior to and following the cryogenic treatment.
What we know for sure it does is reduce retained austenite, if not elmininate it entirely, thereby increasing hardness. Austenite is a softer atomic arrangement of steel and cryogenic treatment removes most or all of what is left after quenching, if done properly. We also know that cryogenic treatment before tempering causes/encourages the formation of very small, very hard carbide particles. This increases wear resistance, but doesn't necessarily increase hardness. Both higher hardness and higher wear resistance can lead to longer edge holding, as long as your uses for your knife don't cause it to dull by chipping/fracturing at the edge.
Claims have been made for years that cryogenic treatment improves toughness, and this article is the first I've read that lays out a mechanism for this. Toughness would prevent dulling by chipping/cracking in chopping uses, such as machetes and large bush blades.
One of the basic topics dealt with in the article from Ireland mentioned above was the wide claims for all kinds of property improvements using cryogenic and just low refrigeration (dry ice temperature ranges). That article basically says there are many different ways to perform low temperature treatments, and they have different effects, so decide the properties you want and choose your cryogenic and heat treatment procedures accordingly. I'd really like to give you a simple answer, but this topic has been debated and researched at least since the 80's, so I'm afraid there isn't one.