ex1 workflow

Just a quick one here, hopefully.
I am working out my best workflow. EX1 to FCP. Cut. Transcode to Prores. To Color. Grade. Render. Out to FCP. Playout.

Does this mean that I am having one more stage of compression than if I go:

EX1 to FCP. Cut. Send to Color. Grade. Render to Prores. Out to FCP. Playout.


Surely in the first workflow I am compressing twice. Once at transcode and then when I render to Prores again in Color. Would I be better off with workflow 2? Is my thinking here right?

Thanks