There is a bug with the Ping Wheel Press Delay option. It only works when you are not moving your mouse. Moving your mouse while hitting the Ping key will instantly bring up the ping wheel regardless of your Ping Wheel Press Delay setting.
However, when Ping Wheel Press Delay setting is high (=1 sec), selecting an option from the wheel does not trigger the selected Ping callout. Instead, it just does the Ping Enemy if looking toward an enemy, or Ping Location otherwise.
This is frustrating because I want to be able to spam Ping when necessary without triggering the wheel from appearing and messing with me shooting. This bug should either be fixed by not allowing the wheel to appear until after the delay, or to provide an option to prevent the wheel from appearing at all (since I would argue Ping Enemy is the most important thing on there, the rest are duplicates of the Communications Wheel).