A few things here:
One, section 4-11 was deleted via a COC bulletin this year. I've been after them to delete it for years, since the NCAA has stacking penalties and it's not possible to have more than 3 guys out on penalties since they passed the stacking rule many years ago.
There's a key A.R. here:
A.R. 108. During a special substitution, A1 delays his entrance onto the field. The trailing official sees the delay. RULING: Play-on unless A1 is involved, technical foul. This does not remove the responsibility of a team to adhere to the offsides rule.
Now, what's the point of the last snetence in thiis A.R.? I believe it's to protect the officials. Consider this: The trail official gets to midfield, stops, and looks back. He can only find 2 attack players back. He looks and looks again. Only 2 guys. He throws the flag for offsides, and then the coach from that team starts yelling "But we're intentionally delaying our sub, so we're not offsides! We can't be offsides because we're playing man down intentionally!"
This rule keeps the official from having to eat a flag. If you're dumb enough not to be able to take one guy off the field and then put one guy on the field when you're doing on-the-fly subs, you're liable to get a delayed sub or an offsides flag. And even if the delayed sub doesn't get involved in the play right away, if he tricks the official into throwing an offsides flag, you're guilty of offsides. I think that's fair.
We talked about this on another forum, and we agreed that if the official knows that the reason you're "offsides" is the delayed sub, he should probably hold off on the flag and just wait to see if the delayed sub warrants a flag. But if you "fool" the official into throwing the flag, that A.R. makes it clear that your team is technically offsides.