I am aware VLC incorporates ffmpeg internally, among other media libraries, and ffmpeg exposes two callbacks that receive calls when working with IP/network media streams: an open timeout and a read timeout. The open timeout is the time limit to establish the connection with a URL, and the read timeout is the time limit to read the next network packet.
Does ibvlc.dll / libvlccore.dll expose or support anything similar?
What kind of stream are you trying to read? There are various timeouts options in libvlc that you can use. The list is here: https://wiki.videolan.org/VLC_command-line_help
For example:
--rtsp-session-timeout=<integer>
Sets the timeout option in the RTSP session
string
Defines what timeout option to add to the RTSP session ID string.
--rtsp-timeout=<integer> RTSP session timeout (s)
RTSP sessions will be closed after not receiving any RTSP request for
this long. Setting it to a negative value or zero disables timeouts.
The default is 60 (one minute).
--ipv4-timeout=<integer [0 .. 2147483647]>
TCP connection timeout
Default TCP connection timeout (in milliseconds)