Multi-agent active visual triangulation enables precise 3D localization of aerial targets by coordinating mobile observers with controllable cameras. However, existing methods assume instantaneous state feedback, ignoring cumulative latency from detection, communication, and decision propagation. We present a delay-aware, uncertainty-driven multi-agent reinforcement learning framework for target localization in Counter-UAS applications. Our contributions are: (1) a Dec-POMDP formulation with Age-of-Information (AoI) augmented observations enabling delay-aware coordination -- AoI improves triangulation validity by 10.6 percentage points; (2) a controlled comparison showing that perception-consistent rewards outperform privileged clean-state rewards (0.547 m vs.0.633 m RMSE, 27% fewer track losses) -- both policies are trained through identical observation noise but differ in what they are optimized for, producing a stability-robustness tradeoff; and (3) multi-source analytical covariance propagation incorporating pixel, pose, gimbal, and intrinsics uncertainties -- restricting to angular noise alone causes 2.8-fold RMSE degradation. Experiments with MAPPO in 4096 parallel environments achieve 0.547 +- 0.217 m RMSE with 78.1% triangulation validity, while MLP policies achieve near-zero validity (0.7%), confirming recurrent memory as essential for delay compensation.

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