The Shapiro time delay is a well-verified prediction of General Relativity and plays a critical role in precision navigation, timing, and relativistic metrology. While its mathematical formulation is exact and routinely applied, the delay is most often interpreted geometrically, without an explicit physical description of the local process responsible for signal retardation. In this note, we present an equivalent physical interpretation of the Shapiro delay as the cumulative effect of spatial variation in effective time availability along a signal path. This perspective preserves Einstein’s field equations and all weak-field predictions of General Relativity, operating solely at the level of physical interpretation. The result provides a unified and intuitive account of gravitational signal delay consistent with related timing phenomena such as gravitational redshift and clock rate asymmetry.