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Hi David, I think you have correctly analyzed the issue. Per the E+ output details and examples reference for the Component loads summary, "The Sensible-Delayed column of the summary is only an estimate based on a procedure described in the Engineering Reference documentation."
Further, "The difference between the peak design sensible load and the estimated instant + delayed sensible load (as shown in the Peak Conditions subtable) is an indication of how consistent the overall total estimate may be to the computed total peak loads for the zone."
If you are trying to find zone heating and cooling design loads for equipment sizing, I recommend using a different method. Use the Ideal loads method: