TL; DR: Não armazena em cache os endereços IP
Perguntado sobre isso na lista de e-mails stunnel, o autor e mantenedor Michal gentilmente respondeu à pergunta:
I specifically introduced the "delay" option to deal with dynamic IP addresses. Stunnel does not attempt to cache the IP addresses with "delay = yes". The local library may cache them, but it should honor the TTL.