, Good afternoon.
Possibly your problem is much simpler than it seems to present your explanation.
I'm not sure I fully understood your doubt
Try to use this structure:
=IF(M3="Delayed", ONE IF formula
, IF(M3="Immediate", A different IF formula
, "" )
Try replacing the "ONE IF formula
" and "A different IF formula
" with your actual IF formula.
Please, tell us if it worked as you desired.
I hope it helps.
Belo Horizonte, Brasil