Here I am assuming all data is complex baseband (IQ) with digital beamforming. There is an analogous approach for analog beamforming.
In phase only beamforming there is a single complex multiply per-sample per-channel with all of the complex data being summed across channels to generate a sample of output.
Time delay beamforming is more complex. The delay operation is in general not an integer number of sample delays. This requires the use of fractional samples delay filers in each of the channels. As a result, the single complex multiply from phase only beamforming is replaced with a filtering operation. The exact degree of computational growth will depend on things such as allowable error and the ratio of the signal bandwidth to the sample rate.
For an example implementation see Time Delay Digital Beamforming for Wideband Pulsed Radar Implementation (PDF).
Phase only beamforming is typically sufficient in narrowband applications. Time delay beamforming is required for wideband applications. (Some may even use this as the criteria for calling a beamforming system narrow or wideband.)