Impossible to predict without knowing what the steel is. The 8.8 strength specification can be met by many different steels – carbon, stainless, or alloy types. How each behave after being heated cherry red varies, but it can be assumed it's unlikely to make them stronger unless followed by suitable heat treatment!
If strength or safety matters, I'd assume an 8.8 bolt made red-hot was junk, perhaps considerably weaker than an ordinary unmarked bolt.
Dave