I've done a lot of Googling and searching... And I still don't understand what it is or what it does!
Can anyone ELI5 what it is, assuming minimal technical knowledge?
This thread has gone nuts. What is your interest in group delay? We can probably answer better if we know that.
There are two concerns you have to deal with in terms of delay and I'll let others comment on the exact terminology usage.
The first is that, even with a single driver, two different frequencies will arrive at slightly different times. This can be exacerbated with a two-way or three-way speaker. That's something the speaker designer has to take care of. It's a physical property of the speaker and something you can't really change. One could imagine a DAC that tries to add delay to compensate for this but I'm not aware of any that do so because it really isn't necessary. Some speakers are designed with "time aligned" drivers so that, as you transition the crossover point, there isn't a risk of the same frequency arriving at slightly different times when being partially played by both drivers. Is that helpful? Maybe for some people in some situations. In actual listening, you are going to get not just the direct sound from the speaker arriving at your ears but "early reflections" as sound bounces off the walls and floor and ceiling and such. And those bounced sounds will take trivially longer to reach your ears. That's why speakers here are given a "predicted in-room response."
The other context in which this is used is when you have multiple speakers as part of the same system. In addition to L/R, many people use subwoofers. Most subwoofers these days use Class D amplifiers with DSP. As a result, the sound from the subwoofer comes out about 1ms later than the sound from the mains. You can compensate for this two ways. You can move the subwoofer about a foot closer to the listening position or, if using a digital source, the DAC can delay the output to the mains by about 1ms to make the reproduction more accurate. If no compensating action is taken, some people can hear this difference. I can't. I use AVRs that do compensate for this in my house. In my gym, I have two-channel DACs and the subwoofer is delayed by a millisecond. Since I walk around the gym I can't move the subwoofer to a closer position (since then it would be further away when standing near the walls). I also don't hear a difference.
Again this is not a strict definition of group delay and I'm sure that will be pointed out, but I'm hoping this gets you closer to solving whatever problem you have.
In some cases you need to be careful to not introduce too much or too little delay. If you are using wireless transmitters, using multiple speakers in a large venue, et cetera. Of all the issues we have to worry about setting up audio at home, group delay is nowhere near the top of the list, which brings me back to why you have interest in this?