Delays while everything fades out (7)

I believe the answer is:

dallies

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'delays while' is the definition.
Although both the answer and definition are verbs in their -s form, I cannot see how one could define the other.

'everything fades out' is the wordplay.
'everything' becomes 'all' (I've seen this before).
'fades' becomes 'dies' (I can't justify this - if you can you should believe this answer much more).
'out' means one lot of letters goes inside another.
'all' placed into 'dies' is 'DALLIES'.

Can you help me to learn more?

(Another definition for dallies that I've seen is " wastes time".)

I've seen this clue in the Evening Standard.

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