So It seems I had that already changed. I went ahead and increased max timeout also. The update occurred but still got the error at the end and checking the logs I see
2022/05/12 04:15:16 [error] 64365#64365: *541 upstream timed out (110: Connection timed out) while reading response header from upstream, client: xx.x.x.x, server: xx.xx.xx, request: “POST /api/v1/self-update? HTTP/1.1”, upstream: “fastcgi://unix:/run/php/php-fpm.sock”, host: “xx.x.x.x”, referrer: “xx.xx.xx.xx”
Added this to the nginx site config, so will see how it is next update.
location ~ \.php$ {
fastcgi_read_timeout 180;