Yes, that is the session timeout setting in the “Session State” section. You can also control it programatically in the “web.config” file. Please see How to set session timeout in web.config. IIS Manager will change that for you with your current method.
Got precisely the same error and came to this question. As @SpaceBison mentioned in comments, this answer describes the solution – https://stackoverflow.com/a/12867753/404099. I spotted it too late and it misses some steps. This is what worked for me: Windows Server 2012, IIS 8.5. Should work for other versions too. Go to server manager, click add roles … Read more
For the “big” IIS versions since IIS 7, the location is always the same: For IIS Express there is one per user, the default location is: again it’s the same for all versions. You can run multiple instances of IIS Express per user, you would need to specify the location of the applicationhost.config as the command line … Read more