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.