Example of Timer in Unreal

ue_timer.py

"""
    
    Start a timer to call the function "hey" every half second. 

    Have yet to figure out how to kill this...

"""

import unreal

@unreal.uclass()
class MyTimedUtility(unreal.EditorUtilityObject):
    @unreal.ufunction(override=True)
    def run(self):
        self.timer_handle = unreal.SystemLibrary.set_timer(
            object = self, 
            function_name="hey",
            time=0.5,
            looping=True,
        )

    @unreal.ufunction()
    def hey(self):
        print("Hey")

my_timed_utility = MyTimedUtility()
my_timed_utility.run()

You can kill the timer using:
unreal.SystemLibrary.clear_and_invalidate_timer_handle

(In this case)
unreal.SystemLibrary.clear_and_invalidate_timer_handle(self.timer_handle)