It's all situational and preference for each person.
I personally view things as I'd want to get to my ideal bf% and then slowly try to add calories to increase lean mass without adding fat. So in that sense it would be a permabulk, but not in the sense of seeing the scale move up much at all. But then again, I'm someone who has always been on the bigger side and can easily add strength/weight, but it's like pulling teeth to lose it. So there are days I deal with wanting to be bigger if I'm cutting down (body dysmorphia issues) and I'll feel like my arms are tiny. In the past, that's when I'd switch gears and start eating more and trying to gain it back, but I've come to terms with my own issues and know I'm happier when I'm leaner. It allows me a lot more freedom in the sports I choose to play, feeling confident without a shirt on, etc.
So for me, it's get lean and then stay lean while living a moderate life of just trying to add strength and a pound here and there -- not 15 pound cycles or anything like that