Each state links to each other state. The "Activate" one affects the time-out when you take out the weapon before you can fire, so increasing that prevents people pressing Q lots to fire a weapon faster than it should. The "Wait" one is the timeout between the 'fire' state and stopping the arm-movement animation, so changing the delay on there might affect the movements oddly. It would be better to change the time-out in 'StopFire' instead.
The delays are measured in seconds, decimals letting you set fractions. 0.5 is half a second.