I’ve heard:
1 – As above
2 – After heating, further processing/progress of the feed is delayed in a coke drum, until it cracks into lighter products that leave the drum, or forms coke that remains in the drum.
1 seems more commonly mentioned, however both are mentioned and the second seems more logical.
Since there seems little done to actually delay the coke formation (its more like: expedite it’s departure from the furnace), I think it refers to the extended time spent sitting “delayed” in the drum.