Actually it didn't http://klausler.com/cray2.txt it had a command for a square root approximation and a command to iteratively get closer to the real square root.

But even if a certain computer did compute a square root (or even an approximation) in a single cycle, that would mean CPU speed was reduced by slowing down the clock to enable a more complex action to complete within the timeframe of a single cycle, and other simpler actions like adding/subtracting/moving memory we're sacrificed in its favor.