I'd probably use it first, as when it gets full depth it can exert some force and sometimes vibration if speed/feeds are off.
Only ever used it for cutouts on small items that were an absolute PITA to sand in quantity by hand to 600G, but finally got it dialed in for Tiny stuff in all 5 species for minimal sanding.
I was lazy and simply copied the Magnate's profile,and never bothered to mod it for the actual flat
IF using the pointed profile, max depth without the sidewall cutting is about.235" if wood is Flat.
Offset about .01" and you'll avoid the tip cutting into your cutout.
Make sure it won't be cutting into your tab material on thin stuff, or actually raise to avoid the tabs if you decide on using last(Pain to sand!).
I've found it easier to use my laminate trimmer and a bearing 1/4" roundover in one pass after cutting it out, as usually cleans my tabs off on bigger stuff.
For a couple years I used that bit a lot for cutting out buttons and keyfobs in Cherry to Bloodwood production on .19-.23" thick blanks.
In 2 years these settings saved us probably weeks of sanding or more on my machine on this tiny stuff.
Oh...Last pass of .005" was always used.