FTP protocol itself does not define any sort of time out. The only time it gets impacted by any time out is the the time out of the underlying TCP layer.

If timeout is defined for TCP socket (used as data channel for FTP), the socket can not be reopened right after its closing, but FTP requires its closing as an indication of the termination of a session.

As you observed, yes, that Timeout parameter you passed to FTP new() was used to construct socket.