Is 200 the new soft cap? Do blues/world drop lvl one up to 200?

So, I am thinking about doing legendary campaign on my alt characters, but was wondering if it would be better to wait until after 200 or do it before. I would rather wait until after the raid, but it might be more efficient to do it now. This would depend on what the soft cap is. Say for example blue/world drops level up to 200, but not past that, then best time to do leg campaign on alts IMO would be before hitting 200, if one is going to do it anyways.

Leveling works so different now so some insight will be appreciated!