No there are no global timeout settings on a web service, except for mobile apps that I think come with a default 5000ms timeout.
Please look at this question & answers: https://forum.mendix.com/link/questions/21502
General takeaway: "The 502 error should only be shown if your application can't be reached, which if you didn't shut it down at that time it could be that your application is becoming unresponsive at certain moments."