We use time-resolved resonant magnetic scattering experiments to investigate the laser induced demagnetization of Co/Pt multilayers with large perpendicular magnetic anisotropy. Our pump-probe approach, which relies on extreme ultraviolet pulses obtained via high-harmonic generation, allows us to monitor the temporal evolution of the system in an element-selective fashion, thus to disentangle the contributions from permanent and proximity-induced magnetic moments. By analyzing the data gathered at the Co M2,3 and Pt O3 edges, we are able to show that after femtosecond laser irradiation, both components display a very similar loss of magnetic order, with almost identical demagnetization amplitudes and characteristic times, but a small delay (10–20 fs) of the Pt magnetization quenching with respect to Co. Comparing our experiments with literature results, therefore, suggests that in these 3d–5d multilayers and alloys, the different constituents remain strongly coupled after optical excitation; no matter whether the thin films possess a preferred in-plane or out-of-plane easy magnetization direction.