I posted this months ago here. Thought I'd repost it for anyone in need, and I'm also asking for this to be considered as an option or default when starting the activity. Here are the steps to turn off time limit:
1. First open the breathwork activity
2. Go to breathing technique
3. Select ‘Change Technique’
4. Once in the technique menu, hit the ‘Back’ button. Don’t select any technique! It should take you straight to the data screen.
5. Start the activity.
After doing the steps above and syncing, the activity saved as the custom name I gave to the activity.
I turned off the vibrations to follow my own rhythm, but hopefully this will help someone with the timer.