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I personally thing Surge shouldn't have a delay - it feels like it's bug, which it could actually be. Nobody uses it anymore because of that issue I believe.
What kind of a delay? Like a delay to create the wave, a delay to do knockback to the player? I haven't noticed any sort of delay and when i go full water, surge is always a must in my arsenal.
So the whole, click at water, look up, and hold shift? I guess I have noticed that delay but I never use surge for that because it's not easy for me to use in quick combat. Probably this delay I suppose.
When you said it, I checked it myself and it appears it doesn't have it. I might be using beta 10, but I doubt that beta 11 or 12 (which came just now recently) have that option.