[python] How would I stop a while loop after n amount of time?

You do not need to use the while True: loop in this case. There is a much simpler way to use the time condition directly:

import time

# timeout variable can be omitted, if you use specific value in the while condition
timeout = 300   # [seconds]

timeout_start = time.time()

while time.time() < timeout_start + timeout:
    test = 0
    if test == 5:
        break
    test -= 1