Hi @manahil.ashfaq, and welcome to the forum!
We have limits on a number of different aspects of using Retool, including vector calls, but I would expect you to receive an error for that specific limit, rather than a timeout. 120 seconds is the maximum time for a query to run before timing out, so that could point to an issue with the query running slowly rather than a data/call limit. My guess, just from this info, is if you're trying to upsert 5k-10k rows of data into a vector at a time, you may have to split your dataset into smaller pieces before upserting.
I found some other threads about similar issues that would seem to confirm this: upsert to vector timeout, bulk update timeout - chunk solution, upload large dataset to vectors.
Let me know if this is helpful!