I painted mine before assembly - I suspect the manufacturers did not paint them as an assembled unit.
Personally I would not bother about masking up bolts you can't see so that means fewer bolts to mask if you choose that route.
I suspect if you paint the visible ones the paint will start to crack at the bolt heads, if you mask up there will still be a line so the outcome will probably end up the same.
Quicker & easier to just paint as a complete unit.