The Power On delay is only used if you have an old style PEPV1 condition that used RFX9600 Power Sense. If power was detected to be 'ON' then the delay for Power Sense would be used.

PEP2 reworked how all this was entered and there is a single Power Sense Macro entry and not the If, Else logic actions. The end result of the behavior is the same but the PEP2 dialog does not rely on the Component Delays from what I can tell any longer.