[release-1.31] chore: increase format timeout as 300s by default

[k8s-infra-cherrypick-robot]

This is an automated cherry-pick of #2673

/assign andyzhangx

none

[k8s-ci-robot]

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[k8s-ci-robot]

@k8s-infra-cherrypick-robot: The following test failed, say /retest to rerun all failed tests or /retest-required to rerun all mandatory failed tests:

Test name	Commit	Details	Required	Rerun command
pull-azuredisk-csi-driver-e2e-migration-windows	025dc44	link	true	/test pull-azuredisk-csi-driver-e2e-migration-windows

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