Fix issue with long wait for passed timer [bugfix] (#12221)

* Fix issue with long wait for passed timer [bugfix]

This fixes a small issue where a timer that had been completed while
code executed would still wait for more events before being considered
completed. This would in some scenarios incur a 500ms delay to the
completion of a timer.

* Refactor logic into

* Add test case based on original issue

* Use longer timeouts to be more lenient in checking

* Revert to short timeouts, but widen the accepted range

* Widen accepted range further, it is meant to check for a 500ms delay after all

* Increase poll timeout to make it easier to detect mistakes

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