The Wait Tab provides options for waiting after the Application has been launched.
The Wait for this Application to terminate will wait until the Application has been terminated or closed. I.e. it is no longer running on your Computer. This could be used to wait for a script to finish executing before launching any more Applications, even if your Computer is idle.
The Wait for User confirmation will wait until the User has informed Startup Delayer that they would like to continue. No more Applications will be launched, even if your Computer is idle, until a User has confirmed they wish to continue.
The Don't Wait option disables any waiting and Startup Delayer will immediately move onto the next Startup Application ready to Launch it.