The Max switch on the SH624 should add the delay to both Arm Home and Arm Away. Adding a delay to Arm Home didn't make too much sense to me, but my SH624 did add the delay if set to Max.
If the switch on the SH624 is set to MIN. There is no delay for either Arm Home or Arm Away.
When I used my SH624 with the Switch set to Max. The SC1200 indicated a Exit Delay was being processed on the LCD screen.
Then showed either Armed Away or Armed Home depending on which function button on the SH624 was pressed. After the exit delay time expired.
Opening a zone with a delay set to max, did wait the entry delay before triggering an alarm.
You are also correct for the switch in the sensors. If set to min. There is no entry delay.