Would there be a big difference if one were to shape the dough after bulk fermentation? I have usually shaped the dough then put into the fridge taken out for final proofing.
Abe explains it very well. It is a bit confusing, but the convention for terminology seems to be:
Bulk fermentation is letting the dough sit for a period of time before shaping the loaves
Final proofing is letting the dough sit for a period of time after shaping the loaves
Either one can be done at different temperatures. If it is done at 4C (i.e. in the fridge), then it is called 'retarding' (slowing down the yeast activity). Either the bulk ferment or the final proof can be retarded for some period of time.
Depending on what kind of yeast you use (dry commercial, fresh, barm or sour starter, etc.) either the bulk ferment or the final proof can and will be much faster or slower. Other factors include the temperature (of course), the kind of flour and a variety of other things. That's why you pay attention to the dough, not so much to the time.
The final two hours in the banneton or pan, after the proof in the fridge, is just to let the dough warm up and finish rising (if necessary).
Abe explains it very well. It is a bit confusing, but the convention for terminology seems to be:
Hope this helps!