I checked via get-help Start-AzureRmDataFactoryV2Trigger -full
and the docs. No there is not an additional option for manual timeout, SyedAmanS-8793 .
You could put some script around the command to catch how long the command took to run. Or do something asynchronously.
However, unless there is network issues, changing the trigger state should not take much time at all. Do note that putting a trigger into a running state is different from starting a pipeline.