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