Hi, krixx, and welcome. The ABF is a great place for asking questions and sharing your piano adventure!
For me, learning theory is integrated with playing. When you first start, of course, the theory is laying the very basics of what you're playing - the names of the pitches you're playing and where they're located on the written staff, how to name the relative lengths of the pitches you're playing, etc. Learning your way around the piano keys all up and down the keyboard, and where they're located on what is now called the "grand staff" - the treble and bass together. All those things in basic piano-playing books.
But as you go along there's always more - learning to hear the intervals (difference of the pitches) and how they're named, and what they look like on the page. How they are put together in linear steps to form a scale, and how that scales is written on the staff, and how it's indicated as a "key signature", and all the customs of playing/writing it down if it's a pitch that's not within the basic scale of the piece you're playing. But to me, all of that is meaningful and useful and enlightening only if it's being played and played with at the keyboard. As theory outside of playing it's a fun puzzle, perhaps, but kind of goes nowhere. (I have a degree in math, and some higher level theory there feels that way, but much of it has been, ultimately, useful in describing the physical world and how it works, too.)
So I'd say there's no time when the "theory" isn't applied to the keyboard, at all levels. At each stage the theory will begin to be automatic - you'll know the interval and play it without having to name it, and the rhythms resulting from note lengths will be engrained. And then there will be more theory that can be worked out and will become automatic - chord names and usual patterns of chords, etc.
But if you read the jazz threads here you'll find that the process doesn't end
There's always new ways of arranging chords, new combinations of linear intervals that make scales, new ways of understanding/making music. It's way too much fun.
Having said that, I spend some time each week, but not every session, not playing pieces but physically applying "theory" - playing chord progressions in different key signatures, for instance. But in every practice session I spend time slowly playing a piece and recognizing the chords I'm playing and the progressions in that piece, so that it becomes an "aha" moment when I see it in a new piece and helps to more quickly learn the new piece. And a little more of that becomes ingrained each time.
Which is a long-winded way of saying I'd learn theory right along with playing, and spend a little time in each practice session figuring out the basic theory behind a piece and trying to recogninze it in several pieces, and then a couple of times a week I'd spend some time dedicated to practicing the theory - sight-reading, scales, chord progressions, transposing, whatever.
But there are those who do scales, etc, every day, and use them not just as theory excercises, but as ways to improve technique - finger dexterity, evenness of tone, rhythms, etc.
So I think theory is realted to playing. For me it's overwhelming to worry very much about extended jazz chords transposed to every key at this point, even tho some of them may be in pieces I play. But if I recognize a little more each time I go along, it's helpful.
I'm sure others will have different experiences from which you can take cues for what works for you!