I'm a big fan of Wolfram's physics project, however, he seems to be confusing thinking about physics (computation) with the continuous and ever-changing substance of the universe itself.
Time is a human idea to grapple with the fact that everything is both continuous and constantly changing. Time is simply picking out from that continuous change a sequence of changes or state(s) that occur during a measured standard sequence of change, such as the earth making a single rotation around its axis (day). It helps us manage and refer to and measure both the order of changes and the duration of changes or states using standards.
Time is a human idea to grapple with the fact that everything is both continuous and constantly changing. Time is simply picking out from that continuous change a sequence of changes or state(s) that occur during a measured standard sequence of change, such as the earth making a single rotation around its axis (day). It helps us manage and refer to and measure both the order of changes and the duration of changes or states using standards.