Raise an exception explicitly when the timeout is exceeded

[superstar54]

To provide a better user experience, we raise an exception explicitly when the timeout is exceeded in the wait method.

[codecov-commenter]

Codecov Report

All modified and coverable lines are covered by tests ✅

Project coverage is 91.68%. Comparing base (575106e) to head (936548d).
Report is 1 commits behind head on main.

Additional details and impacted files

@@            Coverage Diff             @@
##             main     #390      +/-   ##
==========================================
+ Coverage   91.61%   91.68%   +0.06%     
==========================================
  Files          67       67              
  Lines        4712     4739      +27     
==========================================
+ Hits         4317     4345      +28     
+ Misses        395      394       -1     

Flag	Coverage Δ
python-3.11	91.64% <100.00%> (+0.06%)	⬆️
python-3.12	91.64% <100.00%> (+0.06%)	⬆️
python-3.9	91.68% <100.00%> (+0.06%)	⬆️

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