🌱 Add timeout to check if KCP object exists

[namnx228]

This is a manual cherry-pick of #5889
/assign @fabriziopandini

[k8s-ci-robot]

Hi @namnx228. Thanks for your PR.

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[fabriziopandini]

/hold
before landing in v0.4 branch, the PR should be cherry-picked into the v1.0 branch; also, could you provide a rationale about why this cherry-pick is required?

[namnx228]

/hold before landing in v0.4 branch, the PR should be cherry-picked into the v1.0 branch; also, could you provide a rationale about why this cherry-pick is required?

This cherry pick is needed because the issue described in #5889 also happens in v0.4.
I will open another PR to cherry pick this commit to v1.0

[sbueringer]

/ok-to-test

Cherry-pick is fine for me, given that it's otherwise hard for providers who have this issue and use 1.0 (same for 0.4) to get a stable CI without this fix.
#5909 (comment)

/lgtm
pending the hold & that the 1.0 cherry-pick is merged first

[sbueringer]

/retitle 🌱 Add timeout to check if KCP object exists

[sbueringer]

/hold cancel
/lgtm

given that the 1.0 cherry-pick has been merged too

[fabriziopandini]

/approve

[k8s-ci-robot]

[APPROVALNOTIFIER] This PR is APPROVED

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