Oops, missed the ELSE! Yes, that makes sense. For "Wait for elapsed time," choose "Wait for event," then choose "elapsed time" as the capability (rather than a regular device capability like motion, switch, etc.). You'll then be able to configure the amount of time. If you don't see this option, you aren't on 2.2.4 or newer, which is when this feature was introduced.
I'm not sure what you mean with the "historical" wait. Any event on the platform matching a trigger for your rule will (in addition to, as expected, running the rule actions from the beginning again) cancel any in-progress waits for that rule. For examples on "Cancel Delayed Actions," I'd look at the docs--there is one as one of the first examples. But in many cases now (the feature is new), a "Wait for elapsed time" will save extra clicks to get the same result.
