Agree with "it depends" as a general sentiment, but most of the time it's likely to be the toe-hook that you release first, surely? The whole point of bicycles (as far as I ever use them, correct me if I'm wrong here) is to take some weight on a toe-hook on a feature that's too poor/close to just hang the toe-hook off.
Well, unless you've just moved your hand to something further away so now the toe-hook is better... Does this mean it just depends? :p