HTLC would do the same in a distributed and trustless fashion and yet it's important to know League of Entropy is a bunch of distributed crypto organizations like Chainsafe or the Ethereum Foundation.
I assume you mean a verifiable compute function rather than hash time-lock contract, as the latter can't be used for encryption. But that's not really a timelock either: it only sets a lower bound on the amount of compute required. But "compute" here is abstract, and when the conversion from "required hashes" to "time elapsed" can vary by 6-10 orders of magnitude, it stops having any appreciable meaning.