Increase visibility of internal timeouts

[jonahgraham]

Because test timeouts normally timeout before timeouts on things like waitForEvent error messages lose useful information.

Therefore reduce the default timeout on indivdual events.

This changes an error from something like:

Error: Timeout of 5000ms exceeded. For async
tests and hooks, ensure "done()" is called;
if returning a Promise, ensure it resolves.

to something like:

Error: no event 'terminated' received after 2500 ms