Test setTimeout with React Native Testing Library and Jest

I have a React Native app with the following Player component that infinitely calls a play() function with a setTimeout. I'm using react-native-testing-library for rendering/testing along with jest.

I am trying to test this setTimeout function. Specifically, I want to spy on the function so that I can expect the setTimeout to have been called any number of times after a given set of seconds. For example, after 3 seconds, the function should have been called 3 times. I am having issues testing this however. My current test looks like this:

fit('displays the content', async () => {
            //jest.useFakeTimers();
          
            const { debug, toJSON, getByText, getByTestId } = render(
                <Player token={'test-token'} saveToken={saveTokenMock} />
            );
            //jest.runOnlyPendingTimers();
            const data = {"device":{"id":58,"updated_at":"2021-07-05T01:39:53.588Z","events":[{"my data here"}]}]}};
            mock.onPost('https://www.mydomain.io/api/v1/devices/events').reply(200, data);

            await waitFor(() => {
                expect(getByTestId('imageAsset')).toBeTruthy();
                expect(toJSON()).toMatchSnapshot()
                
            });
            
})

When I add the jest.useFakeTimers() and jest.runOnlyPendingTimers(), the waitFor function errors with a timeout error. How can I spy on the setTimeout? Here is the general idea of my component:

class Player extends Component {
   componentDidMount(){
       this.play()
    }

   play() {
     //does some things

     setTimeout(play, 1000)
   }
}