Using Promise.race and setTimeout for timeout logic for Promise execution

timeout.ts

export const REPORT_TIMEOUT_MS = 5000;
const TIMEOUT_ERROR = new Error('Ran out of time!!');
const TIMEOUT_PROMISE = new Promise<boolean>(
    (_, reject) => setTimeout(() => reject(TIMEOUT_ERROR), REPORT_TIMEOUT_MS)
);
  
const myPromise = new Promise(...);

const success: boolean = await Promise.race([myPromise, TIMEOUT_PROMISE]);