I seem to be an outlier here - while I almost always feel pretty shit on waking, as far as I can recall it always takes the forms of various shades of exhaustion and fatigue. I don't think I have ever had PEM hit first thing in the morning, it has always hit after I've been awake at least a few hours (sometimes quite a few, not too long ago I had an evening onset, which was an upsetting first), comes on suddenly, and catches me off-guard. I'd guess that 90% of my PEM has hit me between 13:00 and 16:00. Even when in the thick of PEM, my symptoms do not really become apparent/severe until I've been awake at least a little while - it might well be less than an hour, but it's enough to fully regain consciousness and think "oh, maybe this was a short one."
Even in the midst of a serious crash, I will have a moment of hope every day when I wake up and don't notice any nausea or vertigo or sick feelings.
Edited to add: sleep is general terrible/non-existent on the day that I over-exert. I sometimes have a roughly 24-hour delay and sometimes it takes c. 48 hours. If the latter, I have sometimes found that I seem to sleep longer than usual (which is so rare it is always notable) during the intervening night before the collapse.