The explanation is a bit different.
At first, 4W plus OCOMP ON needs 4 measurement phases per NPLC 10. NPLC 10 integration time equals 200ms in Germany, so one NPLC 10 measurement w/o DELAY takes about 0.8sec.
The DELAY will occur twice per NPLC 10 for OCOMP ON, because one measurement is done with current on and one with current off. So total time will be 0.8 sec + 2x DELAY time. That is 4.8 sec for your example.
2nd, NPLC 100 is not simply a 4 Phase measurement with two DELAYs, as above.
Instead, 10 measurements with NPLC 10 are done, so you also get 10 times 0.8sec plus 20 x DELAY, which busts your TIMEOUT, being 48 sec for your example.
I recommend two things in your case:
1st, a longer DELAY is needed mainly for 10kOhm (1-2 sec) and 100k (5sec).
For 1kOhm and less, you can set DELAY to the default of 30msec, as usually there will be no big settling effect due to OCOMP current switching.
For 1MOhm range and above, OCOMP is not used at all, so any DELAY is useless, use the standard delay of 30msec also.
2nd, instead of using NPLC100, use APER 1, which makes one long measurement only, i.e. 4 phases of 1sec plus 2x DELAY. The equivalent NPLC 50 would need 8 X DELAY longer.
Frank
PS: If using 4W and OCOMP ON, you can turn AZERO off, which might increase the measurement speed. (Didn't check the timing early this morning)
Either 4W or OCOMP ON mode (don't remember right now) already performs the needed subtraction, which is equivalent to AZERO, so you won't see a different reading, nor a drift.
The 3458A FW is a bit stupid in this case, but on the 34465A / 34470A, the AZERO key directly vanishes, when you use either 4W or OCOMP ON. On latter instruments, NPLC100 also does not chop the measurement into 10 times NPLC 10, so the delays occur only 2 times instead of 20 times.
PPS: All these special timing considerations are nowhere mentioned in the manuals or application notes.
You have to test that manually, by yourself.