When working with AWS B2.1 the ultimate tensile strength is in the as welded condition and refers to the UTS listed in B2.1.
Things are different in the wonderful world of NAVSEA TP278, they go by the tensile strength of the base metal in the as wrought condition for the state of heat treatment/work hardened condition purchased. As an example: that knocks materials such as 6061-T6 out of the running for Navy applications where TP278 must be met. Likewise for guided bend tests, the bend radius is predicated by the elongation of the as purchased material.
Best regards - Al