Both are used. I think some prefer the heart wood because it can get chocolate brown to black and sometimes has some neat grain in it as well. My Whittlejack folder at the bottom of the page is Lignum. It is my favorite wood and really my favorite knife handle material unless I am gluing. Due to the oily nature of lignum it doesn't usually take well to epoxy or glues.
It has a long history of marine use. Toted usually as 'the wood of life' which is what I believe lignum vitae means. It is also toted as being naturally resistant to oils, water, chemicals, and also pretty good at not chipping, fraying or denting real easy.
It is the heavyiest densest wood on the planet at over 80 pounds per cubic foot. It is also said to be the strongest wood. How many other woods can stand up to being made into boat drive shafts for V8 engines?
Other features include a self lubrcating ability which makes it ideal for bushings, it is non toxic so it is safe for food prep knives and utensils and known and loved for being easily polished to a high almost rock like appearance and shine. I have found reference to it being used in the building of boats in primitive times and floors and furnishing for modern sail boats. I'm sure I could go on but that is all that comes to mind off the top of my head.
Hope that helps. You got a good piece most likely. The 1 board foot I bought in Memphis Tenn to use for knife handles cost me $65. Worth every penny though IMO.