@shantanukumar847 here is the response I received from Velo Product Support Specialist team
I ran a few quick tests on your site and could see that, indeed, the timeout error appeared a couple of times for me. However, it only happened in the Editor backend functions testing tool, and not on the live site. Kindly note that the functions testing tool is just a local testing tool, and may not reflect the proper functionality when it comes to interacting with browser settings and reaching out to other platforms.
Therefore, I would suggest you to call the function in the frontend, publish your site and try again.
Besides, using aync/await may be convenient for data management, however, it is not the most efficient method when it comes to errors handling. I would recommend using .then() and .catch() blocks instead of async/await, so that we are able to track the errors and their nature.
As a fix, I have moved this call out of Wix as a firebase cloud function.
So my call sequence is :-
Fetch call from wix backend
If successful, proceed
if failure call firebase cloud function & proceed
And oh, btw in my production code I am using .then() and .catch()