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obs_props_update.lua

local elapsed = 0

function script_properties()
  local props = obslua.obs_properties_create()
  obslua.obs_properties_add_bool(props, 'foo', 'Foo')
  return props
end

function script_tick(seconds)
  if elapsed then
    elapsed = elapsed + seconds
    if elapsed > 2 then
      elapsed = nil
      -- Tick the 'foo' checkbox.
    end
  end
end

obs_props_update.py

elapsed = 0


def script_properties():
    props = obspython.obs_properties_create()
    obspython.obs_properties_add_bool(props, 'foo', 'Foo')
    return props


def script_tick(seconds):
    global elapsed

    if elapsed is not None:
        elapsed += seconds
        if elapsed > 2:
            elapsed = None
            # Tick the 'foo' checkbox.