Out-of-the-box without requiring you to develop something in Connect IQ for a specific purpose? Sure.
Prep an activity of type Other, configure an Alert (with a custom message, or just pick one of the preset ones such as “Turn Around”) based on Time set to 10 minutes with no Repeats, then start the activity. If you're concerned about battery consumption, you can even disable GPS and/or the HRM beforehand.
