Hi Leon,
I think the Timeout in SAP MII means the time after which the connection object is returned to the Connection Pool. SAP MII will not try to cancel the session created in the System where you made the connection.
So in your case as the query took more than 1 minute so the connection object would be returned to the connection pool of MII and will not wait for the response to come from Oracle database. So the session created in Oracle database will not get effected. Just that there is no one to listen to its response.
Regards,
Rohit Negi.