Yes, it's an official's time out, and unless it's going to be a long delay to wait on an ambulance, keep the players on the field. But there is nothing that prevents all the players from going near the team bench and talking to the coach.
It's just the coach that can not come onto the field to coach the players.
I tell the players, stay on the field, but if they go close to their team bench, no big deal. Also, on a warm day, water is very appopriate to get in for the other players.
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