This was by all accounts a very sensitive fuze, which is not surprising as it was to be used against fabric. My interpretation of the design, is that on firing the set back ring, would by virtue of acceleration acting upon it, set back and lock the centrifugal bolts place. The centrifugal bolts would in turn lock the needle plug in place. The detents, oblivious as to what was occurring elsewhere in the fuze would set back and lock themselves. This partial state of safety would continue until such time as the centrifugal force imparted to the centrifugal bolts was sufficient to overcome the force imparted by the set back ring, i.e. the projectile had all but finished accelerating and should be a healthy distance from the muzzle of the weapon..
I would be interested to know how the pressure plates faired, as notwithstanding the air holes around the top of the fuze nose, there must have been considerable air pressure acting upon them. This would have been especially so in the bore, on firing. I wouldnt be at all surprised if some were badly distorted.
John, yes it is a delay, but to ensure that the fuze was well and truly bore safe.
Regards
Tim. G.