Yes and No.
The transition is sort-of all the way through, but the visual effect is mainly at the surface. The best way to see this for yourself is to clay up a bar of .125" steel and HT it. Temper and then grind it into a chisel grind with one side beveled and grind the other side flat. You will see much more activity on the flat side than the one you beveled.
When doing a hamon, I like to take the bevels to about 80% before HT.