It post-processing. so yes applied after rasterisation.
Its why it works, its how you get to a 4K image with 1440P performance, the GPU renders a 1440P image, magnifies that image and fills in some missing pixels selectively based on instructions from the drivers, for example a distant power line might not have enough pixels to fill it out completely on an image with 1440 x 2560 lines, that's why you see that as a thin lines that its broken up, bits of it missing, with 3840 x 2680 lines its migh have enough pixels to fill in those pixels, Nvidia's server farms hold that information and tell the driver when to put those missing pixel to fill out the power line.
The original image the GPU rendered is still 1440P, that's how you get the near 1440P performance at 4K DLSS (1440P to 4K display image upscaled)