Yes, for sure, the timeout value is the time for resolving the IP address from the host name through the DNS server, the timeout parameter is to reduce the time for finding the host name
timeout:n
sets the amount of time the resolver will wait for a
response from a remote name server before retrying the
query via a different name server. Measured in
seconds, the default is RES_TIMEOUT (currently 5, see
<resolv.h>). The value for this option is silently
capped to 30.
For more information see http://man7.org/linux/man-pages/man5/resolver.5.html