The two conditions for this alarm, Host Connection State and Host Power State, are checked simultaneously. After the host receives the command to wake up from standby mode, both conditions can become true for a brief time.
When the power state information changes from Standby to Powered on, the host may not respond to the vCenter Server heartbeats for a short period of time. As the transition from one state to the other occurs very quickly (usually in less than second), the alarm status immediately changes back to Green. Therefore the alarm action may trigger, but the alarm does not remain on the Alarms tab.
As Host connection and power state is a state-based alarm, it is not possible to set the condition length to prevent this behavior.