Are timers set to long periods heavy on performance?

Are timers heavy on performance when
they are “waiting” to do something?

No. But what is stopping you from spawning 10000 actors and starting their timers? See what happens.

Alternatively, you can run 1 timer and ask the “huge amount of actors” to do something - that’s if all at once is all you need.

I have huge amount of actors. I would
like to “do something” with them every
let’s say 60 seconds.

That one frame should be fun, though.