You can modify the time limit of a function (docs) but as of now you can only raise the limit to 5 minutes.
There are a few approaches to work around this depending on your specific use case.
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Can you split this up into 1 function call per object? If so you can have automate orchestrate calling this function once per object (assuming each object can run in under 5 minutes)
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Can you split this up into multiple different functions? If so, you might be able to chain together multiple AIP agents to enable long running processing (see this post with a longer discussion).