Default time to wait for a deadlock in mysql - mysql

Question

I have the following mysql pattern that I'm using:
try:
print ('111111')
self.cursor.execute(sql, values)
print ('222222') # print to see how long timeouts are taking...
except Exception as error:
# Most likely a deadlock, retry if NumAttemps <= MaxAttempts
logger.exception(error)
...
In another mysql client, to simulate a deadlock, I am doing something like this:
begin;
select * from records where id='10.5240-D5CF-3' for update;
This works, in that it will grab a deadlock and the mysql code will go into the except block, usually with the error:
pymysql.err.InternalError: (1205, 'Lock wait timeout exceeded; try restarting transaction')
Is there a way to specify how long the cursor will wait before it raises the timeout error / or before it 'gives up' if there is a lock? Are both handled by innodb_lock_wait_timeout, or are there multiple settings for this?