IP address bindings will timeout when a lease expires, a DHCP release frame is received, or upon manual clearing of an entry, whichever occurs first. For DHCP-snooping created bindings, after the lease expires, the binding also expires. However, for DAI and IP-inspection, the counter resets after the timeout period, but the binding remains active (restarts the timer).
When you manually set a timeout period, be aware that the lease time defined in the DHCP server scope takes precedence over manually set timeouts.