It's unfortunately misleading shorthand for what actually happens: space becomes timelike. It doesn't become time. All this means is that once you cross the event horizon, you can only ever move toward the center of the black hole, in the same way that outside of a black hole, you can only ever move toward the future. You might not take a direct route to the center, but no matter which way you move, you will be following a track that ends at the center.

The reason this phenomenon has a spooky-sounding name is that it also affects whether two objects can be causally connected. If you can only ever move closer to the center of the black hole, then there are (conceivably) other objects inside the event horizon that you can never have a causal relationship with.

But it doesn't mean that space and time literally switch places.