Hello @Jacqui Hughes , not sure if this question has been answered for you.
Yes, when you are creating the assignment with the Reading Progress attachment, you can set a time limit at well as the number of attempts if you would like.
I have discovered that you limit the number of attempts, the students can not Revise the assisgnment even if you send it back to them. I had to reassign the passage to them with a different name.
Hope this was helpful!
Stormy Daniels