Yes, it means delay.
So the answer is, Yes it doesn't mean 'late' it means 'delay'.
You should ask questions starting with ''does''.
It can mean both late and delay depending on the context.
Tu es en retard = you're late
Il y a un retard = There's a delay
This story reminds me when i was young me and my parents went to an aquarium on a trip to White Mountain. There was a seal show and i since i was young i was impressed and was talking about it in french with my mom.
The thing to know is seal in french is phoque. And yes its pronunciation is close enough to f*** to sound like it. So to people around us what i was saying was incomprehensible but they were still getting the f*** part No need to say other parents were looking at me with angry eyes and my mom kept telling to **** up lol