Orthogonal frequency division multiplexing (OFDM) is one of the most widely adopted waveforms for integrated sensing and communication (ISAC) systems, owing to its high spectral efficiency and compatibility with modern communication standards. This paper investigates the sensing performance of OFDM-based ISAC for multi-target delay (range) estimation under specific radar receiver processing schemes. An estimation-theoretic framework is developed to characterize sensing performance with random communication payloads. We establish the fundamental limit of delay estimation accuracy by deriving the closed-form expression of the mean-square error (MSE) achieved using matched filtering (MF) and reciprocal filtering (RF) receivers. The results show that, in multi-target scenarios, the impact of signal constellations on the delay estimation MSE differs across receivers: MF performance depends on the fourth-order moment of the zero-mean, unit-power constellation in the presence of multiple targets, whereas RF performance depends on its inverse second-order moment, irrespective of the number of targets. Building on this analysis, we present a ISAC constellation design under specific receiver architecture that brings a receiver-dependent flexible trade-off between sensing and communication in OFDM-ISAC systems. The theoretical findings are validated through simulations and proof-of-concept experiments, and also the sensing and communication performance trade-off is experimentally shown with the proposed constellation design.