Answer:
There's no public official information regarding the exact period this is referring to.
Nevertheless, after some testing, it seems like the short periods of time are longer than what your workflow would require.
Research:
Since the limit that is troubling you is calendar creation (from Avoid Calendar use limits):
If you create more than 60 new calendars in a short period, your calendar might go into read-only mode for several hours.
I did some tests with a Workspace account, in order to see what's the maximum rate of calendar creation that won't result in this limit being exceeded.
More specifically, I tried creating calendars periodically, with several different periods, ranging from 5 seconds to 15 minutes.
For most of these periods (from 5 seconds to 10 minutes at least), the following exception started showing up after creating 40-something calendars approximately:
You have been creating or deleting too many calendars or calendar events in a short time
After this, no more calendars could be created for some time.
For 15-minute period, I got the error after creating around 80-something calendars, so I guess the maximum rate of creation is close from there (1 calendar created every >15 minutes). Since this rate is not disclosed, though, it could change without notice, so take this with a grain of salt.
The original poster, GorgeousPuree, also made some testing, with results in accordance with what I got (see comment):
I also made my expirements and I've got a timeout after 25 calendars in 1 and 3 minutes intervals.
Conclusion:
In any case, the short period seems to be way too long for the worst case scenario:
60 calendars in 5 mins