The docs (https://github.com/ionic-team/capacitor/blob/main/core/http.md#httpoptions) do not mention any dependency of readTimeout and connectTimeout. However, on iOS the plugin uses connectTimeout with precedence over readTimeout over a default of 60s. See https://github.com/ionic-team/capacitor/blob/3ab4139bd0b8863cadcb175180ea941f4c244f08/ios/Capacitor/Capacitor/Plugins/HttpRequestHandler.swift#L204
This combined timeout and default for iOS should explicitly be mentioned in the docs.