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Hello @samwp1,
Thank you for contacting the support.
We actually released a beta to address the timeout issue of sitemaps when images are involved. Please enable the Beta update by following this:
https://rankmath.com/kb/version-control/#beta-updates
https://rankmath.com/wp-content/uploads/2020/02/Rank-Math-Beta-Testing.jpg
If you are unable to see an update, please clear Rank Math’s transients from:
WP Dashboard > Rank Math > Status & Tools > Database Tools > Remove Rank Math Transients > Remove transients
https://i.rankmath.com/Pbu5J6
Please clear the caches, server, and WordPress after updating.
You can disable the Beta updates once you update to the latest version and if the issue is fixed.
Hope that helps.