Without any scientific basis to confirm the results, i ran an experiment a couple of years ago to try and work out for myself what was the better way to dry hop.
The beer chosen was our Punk AIPA recipe. Sitting at 6.5% abv, 75IBU and requiring a solid dry hop, it was considered a good prospect. To even the playing field, a quad batch was done and relevant water profile ( high sulphate levels and low chloride ) was worked up to suit the hoppy nature of the recipe. All were pitched with US-05 and fermented in 2 fridges under temp control.
On day 8, post primary fermentation:
1 vessel got a hop sock loaded with T90 pellets and left at fermentation temp.
1 got loose pellets and left in same fridge at fermentation temp.
1 got transferred off the yeast cake into secondary vessel and temp was dropped to 5 degrees C same hops applied loose
1 got transferred off the yeast cake into secondary and transported home to be put in a fridge at primary fermentation temp.
After 5 days all were transferred to kegs and remaining beer was bottled.
In comparative tasting, there was little if any noticeable difference between the first 2 loose and bagged. Both were pretty good, but:
The 2 that were racked were the standouts - hop flavour and aroma were far superior in both, but best results came from the one that was dry hopped after racking and then dry hopped cold. Distinctly less vegetal notes in the one that was done colder. It also had what i could best describe as the cleanest flavour and aroma. It was also the clearest beer by a wide margin with less vegetal "staining" or haze.
Like i said. There's absolutely no scientific basis to the experiment, but that's what we found. These days, when time and fridge space allow, i transfer and then cool for dry hopping with loose pellets. Often times, they're in the vessel on the hops for longer these days as well & without any of the grassy notes i used to get regularly. (Especially noticeable with Galaxy for some reason)
For the ones that i dry hop on the yeast cake, i usually add a higher dose of hops to allow for the loses or do another dry hop in the keg in a bag. I've got a 26% rye in a keg now which was dry hopped with 50g of columbus that was a bit lacking, but a second dose of 50g in the keg took it to new heights.
I'm sure one of the guys with more scientific knowledge of the secret lives of yeast could confirm, but the hops will tend to be coated by the yeast to some degree when pitched too early and there may be some compounds that yeast will consume. I don't know what or why exactly.
Hope this helps.