Can she act out of teleport even if she doesn't press B like maximum distance?
I'm not sure I understand the question, so I'll just give all the info I have.
If you do not press B a second time, she will teleport for the maximum distance or until she hits a wall/floor/ceiling, and reappears with a 4% hitbox. If you teleport from anywhere above the ledge at any angle down towards the ledge and let go of the control stick before you would pass the ledge, she will auto-sweetspot.
If you press B a second time, she will reappear with no hitbox at whatever position she was in mid-teleport. If this is on the ground, she has very little endlag and can act nearly immediately. If the teleport also started on the ground, the endlag is even less. This technique can be used to sweetspot the ledge from beneath it.
Note that Zelda does travel with a certain speed. This means that shorter distance teleports are quicker and longer distance teleports are slower. This also means that someone can "read" how far you are teleporting by noting how long you've been missing for.
Note that the distance Zelda travels can be shortened by purposely hitting a wall/ceiling/floor. This does not change the timing of her reappearance from the maximum timing. This means you may want to press B again to reappear immediately, or don't to dodge attacks or screw up the timing read I mentioned above. This also means you can make your reappearance hitbox appear at many locations that aren't maximum distance, which may surprise people.
Note that Zelda does not exist during the teleport. This means that she can dodge attacks and her own Dins Fire.
Note that, like all of her specials, using Teleport out of hitstun can cause you to bounce in weird directions. You can use this to escape combos and immediately reset to neutral (or reappear with a hitbox on them to flip momentum).