If powder burning after the bullet passed the b/c gap didn't contribute to velocity, that could only be because it were being lost through the b/c gap. If that were the reality, all the pressure built up to push the bullet out of the barrel would also be lost through the b/c gap. Which would mean momentum alone would be all that would remain to swage the bullet down into the barrel, and overcome the friction of the bullet travelling the barrel length. If this were the case, a longer barrel would produce slower speeds than a shorter one.
So no, powder is still burning when the bullet is in the barrel. And depending on the powder and barrel length, Quickloads claims there's not always a 100% burn before the bullet leaves the barrel. Ideally, the powder choice and charge would be balanced so that once max pressure is attained (which would preferably be attained instantly), it is then maintained until the bullet is out of the muzzle. This would produce the highest velocity, but is unlikely to be possible under any circumstances.