Yes it has an annealing affect.it reduces the residual compressive stresses of cemented carbides.It will reduce the fracture toughness and flexural strength.Annealing in contrast will usually counter the strengthening effects of added reinforcements.Please do some review of annealing effects on cermets.
Depending on the annealing temperature and isothermal dwell time results can vary.
The size of initial powder,the sintering process,the coooling rate after sintering,the dwell time for annealing can cause some changes in the mechanical profile of cermets.Cryogenic treatment can result in improvement of fracture toughness of the binder phase.Depending on your system please research on some articles based on your system.Good Luck
Article The Potential for Heat Treating Cemented Carbides
The effect of heat treatment on the magnetic saturation (Ms) of the ultrafine-grained cemented carbide was small, but the samples treated with rapid cooling from 1280 ◦C had a higher coercive force (Hc) than that of the other samples The transverse rupture strength of the alloy was increased by rapid cooling, but the effect of subsequent annealing treatment on the transverse rupture strength of the alloy was not significant. Micro structural differences in the ultrafine-grained WC–Co cemented carbides treated by conventional and rapid cooling processes were mainly reflected in the Co phase. With the rapid cooling treatment, the solid solubility of the W and the proportion of fcc Co in the Co phase increased. In terms of the effect on the hard phase (WC), the rapid cooling treatment inhibited the precipitation of the W and C atoms on the surface of WC particles which resulted in rounding of the WC grain edges and refinement of the WC grains. The presence of nano sized particles increased the dispersion strengthening of the Co phase which improved the comprehensive properties of the ultrafine-grained WC–Co cemented carbide and increased the hardness, wear resistance, and toughness of the alloys.