functionTimeout in hosts.json not recognized by function app host runtime version ~3

With below mentioned host.json, we see that function timeout is set to default of 30 mins. Some of our workflows run beyond 30 mins. This was working in runtime ~2. Also by checking the logs from host startup, there is no way to see the timeout value picked by the runtime. Is it logged ?

{
"version": "2.0",
"functionTimeout": "02:00:00",
"logging": {
"logLevel": {
"Default": "Debug"
}
}
}