Sorry for the late response.
Yes, the GazeAwareComponent will have HasGaze = false if there is a long enough blink. This is a tradeoff between responsiveness and robustness that ultimately has to be handled on the client side for the specific situation where the GazeAware behavior is used. For example if there is a visualization – use a soft animation to not have items blinking on off instantly as the HasGaze property changes between true and false.
The delay time is like you already discovered just a delay how long the user must have looked at the item before it is considered to have gaze. In your case this just means that the “blink interruption” will be longer. In other situations it can help to get a more stable onset of the Gaze Aware HasGaze property.