Consider deprecating old config API

**Feature request**
It would be great to have timeout for store.

**Use case**
Many users need this functionality for production deployments.

**Implementation idea**
Add a new config option `enable_timeout` with default `false`.

Start by locating the configuration handling and store implementation in the Operator codebase, then trace how existing options are applied. Done means a new enable_timeout option defaults to false and provides the requested store timeout behavior; add or update tests if the project has coverage for configuration options.

Written by the indexing model from the issue text.