Heat before and ice after is my usual protocol, when I can be bothered; it is a bit of a ‘faf’.
Apart from reduction of inflammation and increased healing/adaptation, I find it helps with discolouration. The natural homeostatic response of the penis is to try to raise it’s temperature to normal after icing, so it flushes all the tissues (deep and superficial) with nutrient and oxygen rich blood, which removes the inflammatory by products.