Is regular timeout necessary?
If you're talking about daily games, there's an option to turn off claim win when your opponent runs out of time.
Though from the looks of it, you only play live so I guess my answer is of no help to you.
An endless option? Overtime?
You agreed to a certain time limit.
And yes, it kinda is necessary. Without a time limit the person who is losing could just stop moving and the game would never end.
I put my opponents on timeout when they misbehave because I can't exactly reach through my monitor to swat them.