It is very difficult to explain (and understand) when the global wait for elements applies and when it doesn't.  There seem to be lots of questions on the forums and in the suggestions around this, for example this post:

http://feedback.telerik.com/Project/117/Feedback/Details/44270-when-waiting-for-element-to-exist-in-code-test-studio-doesnt-respect-the-timeou

I can't find anything in the online documentation that talks about it.  We have opened support cases, asked questions on the forums and new users here get very confused.  It is pretty fundamental to "getting" the product and would be great to get some documentation on that.  I'd say it is important enough to document and call out in a blog.  Thanks!