Grade last, there are loads of workflows that give you both (BLG, grade in flame, stuff like this)
You are destroying the image when grading, destroying any real relationship between light and image data, its all wonky and doing anythig on top is a hack.
as @cnoellert has said for cg integration this is a huge disadvantage as you have to match the grade with your cg elements and nothing makes any sense anymore.
another thing: Greenscreens, do you want a graded greenscreen to pull a key from?
another one; Colorists love to add grain, glows etc all things we have to match when comping on top.
I think in a modern pipeline espeically considering HDR and SDR deliverables , or even DCP and rec709/TV any image manipulation should be as procedual as possible, thats my main take on how I structure my pipeline.
Hell, last job had a DC and a agency grade - am I supposed to do comps twice?
I understand the challenges with scheduling and how overcooked the whole topic of color is… thats politics i am a tech guy, i do all this stuff in the background to get the best possible results , my clients dont even know at what place in the pipeline we grade it as everything can happen all at once as i keep it procedual.
I dont know where this comp after grade comes from, probably some legacy telecine type stuff.
There is also a nice in-between workflow that is very kuch overlooked. thats what i use on selected jobs if it makes sense, and that is to work on graded-log you remove the final Display-rendering-transform before exporting your grade, then this drt is applied in flame as a view transform, this gives you a much wider range to work with - its not scene-reffered proper nice stuff but its also not compeltely destroyed like graded footage is
i also like to extend this with unified grain management where all the grain is removed pre grading and added in flame in finishing on the final timeline.
Dont get me wrong there are merits to working on graded stuff, people have nade a career out of it for 30 years and its been fine, its sinple, you can charge alot if clients change the grade and stuff like that, clients are used to the workflow
, color refusing to hand out their projects so you can apply color yourself in your pipeline etc
politics basically - from a tech-perspectivr its nonsensical to even consider comp after color,