Sorry for the frustration you’re having with the timeouts. Whilst error handling is certainly a feature we’re keeping in mind for future updates there’s no set timeline for when or if this could be put in place.
What may help for now is whenever you have an action in a flow that uses the code service or goes out to an external service you could set an attribute, e.g. an attribute for RequestStarted = True. After the action has finished you’d set the attribute back to RequestStarted = False.
You’d have a second flow setup using the Attribute Updated trigger with a filter for the attribute being RequestStarted and a value of true. This flow could wait for a set length of time (e.g. 30 seconds or a minute) and then have an action to start the Flow again that is making the external request. You’d want to get the attribute value again before doing this so you can add a filter to the action.
Hope that helps.