raceAgainst.js

const raceAgainst = (fn, timeout) => new Promise((resolve, reject) => {
    const timer = setTimeout(() => {
        resetTimer()
        resolve(false)
    }, timeout)
    
    const resetTimer = () => timer && clearTimeout(timer)
    
    const asyncFn = async () => {
        try {
            await fn()
            resolve(true)
        } catch (error) {
            reject(error)
        } finally {
            resetTimer()
        }
    }
    
    asyncFn()
})

const asyncSideEffect = ok => async () => {
    await new Promise((resolve, reject) => setTimeout(ok ? resolve : reject, 200))
    return 42
}

await raceAgainst(asyncSideEffect(true), 100)
    .then(x => console.log(x ? 'in time' : 'too late'))
    .catch(() => console.error('error'))

await raceAgainst(asyncSideEffect(true), 300)
    .then(x => console.log(x ? 'in time' : 'too late'))
    .catch(() => console.error('error'))

await raceAgainst(asyncSideEffect(false), 100)
    .then(x => console.log(x ? 'in time' : 'too late'))
    .catch(() => console.error('error'))

await raceAgainst(asyncSideEffect(false), 300)
    .then(x => console.log(x ? 'in time' : 'too late'))
    .catch(() => console.error('error'))