Below is the exact interpretation of total wait time.
Total Wait Time: When an Oracle process can not get CPU time, it will pause. The time spent waiting on resources is called "wait time".
Total Wait Time: total time SQL Server waits for resources.
To add to Babar's answer:
Monitoring total wait time can allow you to identify the
contributors to slow performance in a database.
Wait times can result in response time, defined as the sum
of actual processing time plus the time a session spends waiting on
availability of resources such as a lock, log file, or hundreds of other wait
types/events. When multiple sessions compete for the same processing resources,
the wait time becomes the most significant component of the actual response