Yes, you would have to wait for it to download before it can be played.
If you have the preload setting for audio set to either None or Metadata, then it will begin downloading when you click play. If you set it to Auto then it will begin downloading when you load the page (and therefore the player)
Testing on IPS 4.3 Beta 1:
Plugin works without any modifications needed.
No conflicts with the new video upload functionality of IPS 4.3
There doesn't appear to be any posts rebuild functionality for items added prior to upgrade, so old uploaded videos won't be automatically converted to embedded videos unless the post is edited and the existing link is removed, and the already uploaded video is added back to the post.
Audio is not embedded in IPS 4.3
Plans for this plugin in IPS 4.3 final:
I plan to extend the preload/width/size and controls list settings functionality in my plugin to control these items on the automatically embedded items added natively by the IPS 4.3 software.
When will this plugin be supported on IPS 4.3?
when IPS 4.3 final is released.