I just started using the send later feature.
The first send later mail I sent did not go when it was supposed to. The second one did. New send later messages did not appear in the newly created send later folder under favorites. The feature started operating once I forced Mail to display the send later folder under favorites using the tip above. Unclear if the favorites send later folder must be present for send later to work at all, or if my first (and perhaps all first?) uses of send later just don't work.
Details:
I bcc all my emails to the sending address so that I know they sent successfully when I get them back (primarily for mobile with spotty connections) . My first message definitely did not go at the designated time. I opened it and sure enough it said "will be sent today at 9:02 AM" only to be stubbornly sitting there at 9:02:40 when I first opened it. I switched it to 9:04 and it went out. I know it did not duplicate send because I only received the BCC at 9:04.
Meanwhile I created another send later message as a test. The flag next to the send later item under favorites shows a "1" BUT, that message is not visible as an item in there.
When I close OSX Mail and reopen, then I can see them in there, and now a new one I just created DOES appear. glitchy.
Another test of the feature with a send later worked without a hitch, both showing up in the send later folder and sending when it was supposed to.
My conclusion is when the send later folder is first added to favorites, the feature does not work properly until mail is closed and reopened.