It would be common practice for the referee to "ignore" the horn once the player has the ball for throw-in (ref usually knows it is for a sub). He would continue his 5 second count. Players should know not to stop play on the horn (after all, didn't we remind them at our Captains' Meeting?).
Although the referee can allow the sub in the play above (after table disrupts play), he will have a smoother game by making "late reporters" wait until the next dead ball.
The referee has to control this, or subs will be filtering in one by one, buzz, buzz, buzz.
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