1. In a vast number of cases, it is not a pure time delay. The most common systems exhibit one or two dominant poles (and no nearby zeros) at some lowest frequency, which do not exhibit a constant group delay or linear phase shift or whatever.
People very often talk in terms of "and then, a little time later, this happens, and...", which is extremely misleading. The real world is not made of discrete events and fixed time delays. It should be understood very early in ones' career that, in almost every case, what is meant is a dominant-pole response.[1]
2. Whether a time delay, simple pole, or many complex poles, the simplest solution (though hardly the optimal control strategy) is an R+C from op-amp output to -in.
In the example shown, if we assume the transistor exhibits very large capacitance (a simple pole), say from base to ground, then a somewhat larger resistor between opamp output and base will help the opamp produce its own voltage, independent of the state of the transistor; and a resistor from emitter to -in is necessary to allow the feedback network to control the op-amp.
If the transistor needs more drive current, a buffer stage (with a cutoff frequency over three times that of the transistor stuff) will be needed, to compensate for the relatively large series resistance used between amp and load. (Since the point is to reduce loading on the op-amp, an ideal buffer doesn't need a resistor at all. A kind-of-half-assed buffer, like another transistor to make a darlington, should still use a resistor, in which case the higher resistance is just fine, because hFE of a darlington is so much higher.)
The R+C feedback network implements a "type 2" pole-zero control, which works very nicely with simple pole "plants" (the "plant" is "the thing that's being controlled", the transistor in this case). The resulting system is second order (two poles), with response time and and peaking adjustable by the R and C values. (A dominant pole controller would be just C (R = 0), which necessarily goes very much slower than the plant itself responds.)
You can also do a lead-lag controller, where the feedback resistor (from "plant" to -in) is not just a resistor, but has an R+C in parallel with it, and you stagger the break frequencies of both R+C networks to give a phase boost at some frequency of interest. This helps significantly with complex two-pole plants, i.e., anything that naturally resonates (a voltage mode forward converter SMPS is a prime example -- the output is LC filtered).
[1] However, this may be partially or fully turned on its head for RF circuitry, where poles may be used as approximations of lossy transmission lines. Fundamentally, E&M is transmission lines (pure time delay) going at the speed of light (or something near there), but any real circuit exhibits an infinite combination of delays, losses, poles and zeros, which means that's not a very useful model either.
Tim