I always figured the easier way to do this was with a simple boolean.
Using the First Person Template as an example, just create a bool called “CooldownActive?” and then a branch checking to see if the condition is true. If it is, do nothing, if its not, continue down the line. Set the Cooldown Active to yes at this point, then do whatever you need like spawning an actor and then call a delay at the end of that which acts as your cooldown time (you can set this to a variable) and after the delay, set Cooldown Active to no.
Some people might say that you shouldn’t answer a boolean with false, but I think its all just in the way you name the boolean. CooldownActive? answered with False makes sense. “No, the cooldown is not active so please continue.”