This isn't the browser's network timeouts, this is the JavaScript function setTimeout() which can be used in scripts and which, as mentioned, takes an argument

This isn't the browser's network timeouts, this is the JavaScript function setTimeout() which can be used in scripts and which, as mentioned, takes an argument in milliseconds. Chrome needs to be able to support whatever setTimeout() call a website might make, and those are rarely going to be minutes long; setTimeout() is just used for "call this function after a specified amount of time". The fact that the word "timeout" is used in the name does not mean that it has any relation to network timeouts!