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It depends on the specific passage, and there is no rule really. There is a tune "Panaderos" that has lots of picados with bass notes. Also check Paco's bulerias in A minor, the old one he used to end with a lot. There are vids on youtube. I sometimes hit the bass notes free stroke too, under the resting picado.
A good exercise comes from classical guitar, the Bach Bouree in E minor. Classical players probably don't do this, it is important for flamenco IMO. Just that first section is fun to practice once all Free stroke, then try resting the top melody, the "picado", with free basses. Then try doing resting basses opposite a tirando top melody. Then try it ALL rest strokes. That is hard, but you can really hear a difference in the tone, and when you copy a falseta from the recording, listen out for that tone difference, and perhaps that tonal difference will guide your decision to rest or not for your specific passage.