I don't think you are missing a lot.
Some commands allow setting and querying at the same time.
The timeout, or better defined delay, depends on the command and instrument state. If you set a DMM to read values with 100ms aperture time, it will only answer after 100ms. If you set autozero on it will take twice as long. It's not easy, larger companies have dedicated test engineers who write and optimize these tests, and make test setups. A good engineer might be able to do the same test 100x faster, if the right budget is given in time and equipment.