I've recently become interested in DDEs, but I don't know much about them. A DDE has the form
$$\begin{align*}\dot{x}(t) = f(t, x(t - \tau)) && \tau > 0\end{align*}$$
My understanding from the readings I've done is that they are used to approximate systems with delay when the system is otherwise too difficult to model in any other way.
However, intuitively, I feel that that a system's true behavior cannot possibly be modeled via DDEs, because such a behavior would seem to require an infinite amount of memory.
Are there any physical, real-world phenomena that are actually described by DDEs (neglecting quantum effects)? In other words, are DDEs simply a tool for approximating behaviors whose true natures are too difficult to describe, or do they actually describe what happens in the real world?