[Paxosmotic]

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I didn't raise the flop because I was waiting for a big bet street. I thought I had made the right play at the time but have been questioning it a lot and I guess it was not correct.

When would it be correct to apply the concept?

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You're referring of course to Two Overpair Hands and giving incorrect odds to draws? There are simply too many bets in this pot to successfully pull that off here. You're just not going to be able to scare anybody on a draw out of this pot, small bet, big bet, or kill bet. It's a great concept but it won't apply here because the pot is too large.

Edit : You asked for when it might be correct to wait until the turn. Look for a smaller pot with a vulnerable hand (aces definitely qualifies). By waiting for a safe turn you effectively cut each draw's odds by half (one card to go instead of two) while at the same time doubling what they must pay to see the river.