Cryogenic treatment contributes in reducation or elimination of retained austenite. This will lead to a complete transformation to martensite which will in turn improve the mechanical properties of the steel.
The problem of grain coarsening at high temp treatment can easily be taken care during the cryogenic treatment/process. also at low temperature the plasticity in materials is low so you end up with much finer microstructure after the mechanical processing.
Also no surface oxidation at low temp occur (in cryo treatment) compared to high temp treatment.
As Ahmed Taifor said, cryogenic treatment after quenching reduces retained austenite. In ultra-high-strength steels, such as Aermet100, a cold treatment to -73C is required to attain the highest toughness.