I do not think you are correct. When the STIMER and WAIT macros are issued we 
are in AMODE64... Proof... I caused an S0C1 when the STIMER macro was issued. 
Here are the abend messages:

SYSTEM COMPLETION CODE=0C1  REASON CODE=00000001                 
 TIME=05.37.37  SEQ=05744  CPU=0000  ASID=003E                   
 PSW AT TIME OF ERROR  070C2001   80007996  ILC 2  INTC 01       
   ACTIVE LOAD MODULE           ADDRESS=00007000  OFFSET=00000996
   NAME=MEASASMN                                                 
   DATA AT PSW  00007990 - 89000018  002FD703  CD90CD90          
   GR 0: B3000000   1: 0000863E                                  
      2: 177DCFB0   3: 177DCFE0                                  
      4: 177DCFB0   5: 00000000                                  
      6: 007DAFC8   7: FD000000                                  
      8: 00000000   9: 177DCE00                                  
      A: 00000000   B: 00008000                                  
      C: 00007000   D: 00007190                                  
      E: 000076C8   F: 00007D70           

Did I misunderstand something?

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