How do I move up one folder while browsing Time Machine? When I'm viewing a folder in Time Machine's "Star Wars" view, how do I move up one folder, to view the current folder's parent folder? 

In Finder, I have several ways to do it: I could either hit CMD+Up Arrow, or CMD-click the title bar then click on the parent folder I want, or double-click the folder I want from the folder path in the bottom bar. But none of these methods work in Time Machine.
Command clicking the icon at the top center of the Finder window works for me to navigate back but there is a slight delay while the UI processes things.

Perhaps you are mounting the backup over a network share or otherwise not waiting long enough for that option to draw. Also, you can add the path control to Finder's toolbar by control clicking (right click) in the toolbar and customize…