The UK's National Musuem of Computing has a nice demonstration video https://www.youtube.com/watch?v=xGEAPVCuwvY . Apparently delay-line memory also went on to have wide use in colour TVs before the arrival of cheap semiconductor memory https://www.youtube.com/watch?v=EPQq7xd3WdA , which was quite appropriate as it had come from radar in the first place https://www.youtube.com/watch?v=JZLpbhsE72I&t=675s .

Imagine a continuously-moving loop that stores bits. When you want a certain bit you just wait for it to loop back to the position you want.