On self-hosted retool, version 3.148.0-stable
Have also tried 3.178.0-edge, the problem still persists
In short - when the wait time is under 60s, the block will wait for the time specified. When the wait time is over 60s (regardless of whether seconds, minutes or hours are specified), the wait block terminates immediately.
See screenshot: there is only 1 second time delay between wait1 and code1
(The wait block in this example is configured to wait for 63 seconds)