A simple monochromatic gravitational plane wave has two possible transverse polarizations. If the wave is traveling in the $+z$ direction, then the metric for one of the polarizations can be written in the simple form
$$ds^2 = -dt^2 + (1+h_+)\,dx^2 + (1-h_+)\,dy^2 + dz^2$$
where the small metric perturbation $h_+$ is wavelike:
$$h_+ = A_+ \cos{(k z-\omega t)}.$$
The metric for the other polarization is similar, but rotated by 45 degrees in the $x$-$y$ plane.
So, at least in the coordinate system where the metric takes this form, time does not speed up or slow down and distances along the direction of the wave do not grow or shrink. But distances perpendicular to the wave’s direction do grow and shrink, in a wavelike fashion.
For this polarization, when distances in the $x$-direction grow slightly, distances in the $y$-direction shrink slightly. So a circular ring in the $x$-$y$ plane would be distorted slightly into an ellipse elongated in the $x$ direction, then back to a circle, then to an ellipse in the $y$ direction, then back to a circle, etc.
When LIGO detects a gravitational wave, it is because the length of LIGO’s two “arms” oscillates. When one gets slightly longer, the other gets slightly shorter. But the effect is very small and hard to detect, because the amplitude $A$ of gravity waves that it is detecting is roughly $10^{-21}$. This tiny metric perturbation makes LIGO’s 4-km arms grow and shrink by less than one-thousandth of the size of a proton!