Try using alarm:

 eval {
        local $SIG{ALRM} = sub { die "alarm\n" }; # NB: \n required
        alarm $timeout;
        $nread = sysread SOCKET, $buffer, $size;
        alarm 0;
    };
    if ($@) {
        die unless $@ eq "alarm\n";   # propagate unexpected errors
        # timed out
    }
    else {
        # didn't
    }
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-Waswas