PURE OPERATIONAL STANDPOINT
You need to decide which protocol works best for you
PLAN A : AFTER DUMP
--apply-log immediately after backup, and you would have the most currently full backup. You would not have to spend your recovery time applying applying logs at the time of a restore (especially at an actual disaster recovery event). Thus, recovery would be only focus at such a dire time.
PLAN B : BEFORE RESTORE
This might work to your advantage if and only if you do not need the transactions that were accumulated after the point-in-time start of the backup. Such a situation would hardly make sense in a write-heavy environment.
Perhaps under these circumstances it would be better
- Scheduled downtime
- Small enough dataset
- Acceptable window of time to backup (short time)
- Additional backup of binary logs (extra insurance)
Whichever way one choose, make sure all the logs are good. If you apply the logs immediately, you'll know right then and there if the transaction logs are corrupt or not.
You also need to take into account how transaction-heavy the production system is. Why?
If the backup is recording incoming transactions as fast or faster than the backup process, then you have no choice but to go with PLAN B.