Seeing that BA2033 is rarely on time, I'd personally go hand baggage only on this one. You could easily end up parking at a remote stand and not be in the terminal to clear immigration unti after 1 am which would make it very tight with having to recheck your bag.

If you go hand baggage only you can either go to the transfer desk before transfer security or hopefully even check in online and avoid that entirely, and just go through the transfer security and then over to Al Safwa for some food and drink.