What's the use of "socket timeout" defined in preference tab under HTTP section of ReadyAPI tool?

ReadyAPI Tool version: 3.44.1

I find no use of "socket timeout" defined in preference tab under HTTP section of ReadyAPI tool.

I have several test suites, each having a step of REST request.

Now if I define socket timeout (in ms) in preference tab under HTTP section of ReadyAPI tool and run the step of REST request, it fails with socket timeout exception.

Work Around: If I run the same request by specifying "Timeout" attribute under REST request properties of that REST request, it works fine.

Pain Point: As I mentioned, i have several test suites, each having a step of REST request, it is cumbersome to specify timeout for each request.

Please help me to resolve it and suggest alternative.