Yes, IA Cycle buttons do that. Set button type to IA, Turn on the IA Cycle and Update on Preset Change checkboxes, turn off the rest.
Then, your actions should look like this:
Axe-Fx: Delay CC Toggle on:0
Axe-Fx: Chorus CC Toggle on:0
System / Step
Axe-Fx: Delay CC Toggle on:127
System Step
Axe-Fx: Delay CC Toggle on:0
Axe-Fx: Chorus CC Toggle on:127
The first step - the "off" state - will turn off Delay and Chorus. The GT will run all actions to the first System / Step action. First press will run all actions between the first and second System / Step actions, turning on delay. Second press will run all actions between the second System / Step and the end of the list, turning off delay and turning on chorus. Third press brings you back to the beginning, turning off delay & chorus.