Thanks! 
So, “Adjust for Record Latency” prevents any delay caused by plugins on input tracks from impacting the delay/latency compensation applied during the record process. Since this ensures that those tracks are properly synchronized with previously recorded material, it should be enabled most of (if not all) the time. Right?
Maybe “Adjust for Input Track Plugin Delays During Record” would be a better name for that option (or at least a more concise description in the manual).
March 19, 2017 Update: I just updated the first post to provide more details on the measurement procedure and test waveform.