The most common and most likely answer to this crossword clue is the 4 plus 7 letter word TIME MACHINE
I've seen this crossword clue in The Times
T
I
M
E
M
A
C
H
I
N
E
Buddy explains!
The straight part
We know that "that takes us back!" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case that takes us back! = time machine.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.