Why should passengers not delay donning emergency oxygen masks after they deploy from the overhead compartments?
The point is not that the oxygen is used up. Even after a depressurization, the air around you still contains so much oxygen that it would take your body (at rest) hours to burn it all. But this oxygen is spread out so thinly that a standard set of lungs will not be up to getting enough of it from the cabin air into your blood at the rate your brain needs. This goes into effect immediately when the pressure drops.

As soon as the oxygen masks fall down, the flight crew will know, and they will make it an immediate priority to get the aircraft down to an altitude where the masks are not needed anymore because the outside pressure is high enough to breathe by. This takes less than the time the oxygen generators last for.

(Usually descending will take much less time than the masks are good for -- the critical design factor for the oxygen mask duration is that if you happen to be over tall mountains when the pressure drops you may need to fly for a bit of time to reach terrain low enough to dispense with the masks. There are a few places, such as over the Tibetan plateau, where airline flights simply don't go because it's too far from sufficiently low terrain for the masks to last).

There is no realistic chance of the oxygen generators running dry while you still need them. If you delay putting your mask on, all you buy is a danger of fainting or otherwise being unable to don it (from low pressure, not depletion of oxygen in the air) before you decide to put it on -- and then you may end up in a low-oxygen state for long enough to risk permanent harm.

There's a reason why the safety briefing always instructs you to put your own mask on before helping others -- because the time it takes to help someone else may well be enough to incapacitate yourself.