delay vs time lag

delay and time lag both are nouns.

Word	Noun	Adjective	Verb	Adverb
delay	Yes	No	Yes	No
time lag	Yes	No	No	No

As nouns, delay and time lag are synonyms defined as:

Other synonyms of delay include hold, postponement, wait.

delay (noun)	time lag (noun)
the act of delaying; inactivity resulting in something being put off until a later time	time during which some action is awaited
time during which some action is awaited

delay (verb)	time lag (verb)
cause to be slowed down or delayed
stop or halt
slow the growth or development of
act later than planned, scheduled, or required