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is there any option to stop a while loop (or force it to start the next iteration) if the the execution time of the VIs in the loop exceeds a certain value?
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The answer is NO.
You will have to fix the function that is hanging such that is no longer hangs.
Edit:
You could invoke the hanging sub-VI using "Start Asynchronous Call" and then use a "wait on Asynchronous Call" where you have configure a timeout. Then you could abort the call.