The short answer: no, DTM does not have any control over this. DTM (like any tag manager) is a hosting solution to serve up tags, arbitrary code, etc. There is a measure of control over how long DTM can take to serve up the assets but it has no control over what those assets do when they are actually executed.
More details: DTM has a Property Setting to set a max delay for a given DTM asset resource to respond/download. On the DTM Property Overview tab, on the top right is an Edit Property button. Expand the + Advanced Settings section, and find Tag Timeout. Note though that this just sets a maximum threshold for the contents of a given DTM asset to be downloaded. For example if you have a Page Load Rule (PLR) that outputs a Floodlight tag as a 3rd Party Tag / Script, ultimately there is a unique script URL where that Floodlight code is located in. When DTM triggers the PLR, it requests the script and appends it to DOM.
The Tag Timeout only governs how long it takes to request/receive that asset script, not the execution of the Floodlight tag itself. IOW this setting controls how long DTM can take to serve up a given tag, not what the tag itself does when it gets executed on the page. DTM does not have any control over what the tag itself does or how long it takes to do it. For example if DTM outputs a Floodlight tag that makes request to doubleclick server and doubleclick server is taking forever to respond, DTM has no control over that.