Waqt is Time. Satan or Iblees is granted respite until the appointed Waqt - Time in the above verse. Waqt - Time is one of the many things that man would like to control. But it is elusive. We cannot touch or hold time, we cannot taste time, we cannot see time, we cannot hear time and we definitely cannot smell time.
Time is an elusive concept.
It cannot be grasped. It cannot be turned back. So most people live for today without a care for tomorrow. In Islam it is the 'tomorrow' that matters. Since Iblees has been granted respite for an appointed time, he makes us waste our allocated Waqt Time by keeping us busy with worldly matters and turning us away from seeking Allah's bounty.