Using UC4 as a example is silly. Swinging on the rope isn't the main mode of transportation in that game and you barely chain multiple together except the end of the game.

A delay would feel horrible. Sure, it'd feel and look more realistic, but having a delay is simply unresponsive controls. When I press R2, I want to swing, I don't want to press R2, wait .5 seconds and then swing. I couldn't care less if he swings for a whole 11 frames before his web attaches. You honestly think Insomniac haven't implemented some sort of delay in development? Not to mention all the different problems a delay could bring. The amount of time of the delay would almost certainly vary. Having a .5 or .25 second delay for a building close to you as well as a building much farther would feel horrible. Having a varying delay time based on the distance of the building your trying to swing on would still be bad. The player would have to gamble when swinging remotely close to the ground because they have no idea of how much time to wait till they swinging, probably causing them to crash into the ground at no fault of their own. It sounds good on paper, but it's horrible in execution. Responsive controls are more important than realistic gameplay. It's a hard truth.