Unfortunately, that won't do it in either mode. In 'active' it brings you back to a default of 500ms (odd) and in bank mode it just lets you scroll through your banks.
Ideally, that button (tap) should let you view your current Dly Time setting so you can edit on the fly or at least be able to push in the encoder button so you can view your Dly Time and then have option to edit by 1ms with the encoder knob. That's pretty much the general consensus happening in this thread. Right now we're all using the Dly Time knob to view our current setting which is jumping off the charts due to sensitivity and CATCHUP is being doubled up as a lock of sorts to just view. Rarely does it let you just view without jumping.