Metal manufacturing processes based on deformation (forging, rolling) result in a fine grain structure with a complex dislocation substructure, which positively influence mechanical properties. Casting and additive manufacturing (powder- or wire-based) usually produce a coarse grain structure with a poorly developed dislocation substructure, which negatively affect mechanical properties. Heat treatment may alter phase balance and stimulate precipitation strengthening; however, precipitation kinetics depends on the dislocation substructure. In this paper, a comparative study of the microstructure and strength is presented for Monel K500 alloy containing 63 Ni, 30 Cu, 2.0 Mn, and 2.0 Fe (wt.%), and microalloyed with Al, Ti, and C hot-rolled to a round bar and deposited on a round surface using wire additive manufacturing (WAAM) technology. An increased dislocation density and number density of fine precipitates resulted in 8–25% higher hardness and 1.8–2.6 times higher compression yield stress in the hot-rolled alloy compared to these in the WAAM-produced alloy. However, due to a high work hardening rate, only 3–10% cold deformation was necessary to increase the strength of the WAAM alloy to this of the hot-rolled one. Age hardening heat treatment, through the intensification of the precipitation strengthening mechanism, reduced the value of cold deformation strain required to equalise the properties. Based on the obtained results, a new technology consisting of additive manufacturing, heat treatment, and cold deformation can be proposed. It can produce WAAM components with strength and hardness improved to the level of hot-rolled components, which is a significant development of additive manufacturing.