This is the intended use of the WP_CRON_LOCK_TIMEOUT constant.
When WordPress is loaded, it checks to see if a cron job is running (if cron is locked). If cron is not locked, it will try to create a lock – if the lock timeout has not been reached, no lock can be acquired and cron is not run.
If no cron job is running, and the timeout has passed (meaning a lock can be created), then cron is run.