Waiting allows you to pause a workflow mid-execution, then resume where the workflow left off, with the same data. This is useful if you need to rate limit your calls to a service, or wait for an external event to complete. You can wait for a specified time period, or until a webhook is called.
Making a workflow wait uses the Wait node. Refer to the node documentation for usage details.
n8n provides a workflow template with a basice example of Rate limiting and waiting for external events.