The two are (or should be) interlinked since they are both direct products of sound travelling through space - thus they should just be a checkmark in the positioning tab.
The reason this is necessary is because it's not that trivial to create travel distance incurred sound delay - especially with continuous sound sources that move in relation to the listener (e.g it's not just a matter of delaying the sound start, it also needs to delay the sound stopping as well as movements across space (doppler)).
IMHO sound delay and doppler effects should be under Wwise's scope of responsibility rather than its users for this reason.
Thanks, and have a great end of the week!