There was a lot of information witheld here.
Given a top view of the fuse assembly, the opening that the flash channel would have been visible, making it perfectly clear that it was a fuse assembly base, not a shipping plug.
Likewise, we haven't been shown the bottom, or base of the fuse assembly, and this would be essential to determine if the delay mechanism is intact.
IF the delay mechanism is still there, it is likely to still be armed. here is why I say that.
The person who prepared this round did so by just removing the instant fuse assembly and front nose cone.
We don't know if that person even knew about the delay fuse. if the delay fuse is still in the body, I am going to have to say that the fuse itself is still armed. According to the schematics, I can't see a way of removing the primer, delay charge, or actual detonating charge from the assembly after removing it from the fuse. If the deactivator followed his previous pattern, he would have removed the base mechanism completely, leaving only the inert steel base.
So, if the delayed mechanism is still there, it is very likely that the detonating charges are still intact. It would probably only be a few grams total. if the delay mechanism is missing, it is, in fact, definitely an inert round.