The reason the majority(?) of people think a timeout allows play afterwards is because that's what timeouts are in sports (as someone already explained), and so that's what we have learned them to be. WGT has decided to change the meaning of a timeout within this game... but didn't bother to tell anyone. Why make things easy when you can make people suffer!
I've fallen foul a few times of timing out twice only to find myself disqualified (not because I didn't have time to calculate my shot I should add, that can be done in 10 seconds!), after which I came to the conclusion that a timeout is not a timeout as I, and probably 95% of the world, know it to be. I agree, WGT should change the wording, but it won't happen. And please don't anyone say it's not important enough; was changing F9 to Front 9 and B9 to Back 9 in Score History on the website important? Was italicising Score History entries important? Was changing background colours on the app on certain screens important? Was adding "in ranked games" to stats important? If anything, using the correct term instead of "timeout" is probably more important than any of those changes mentioned above. But it still won't happen!