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According to the Gamespot review, there's an official patch that add the option to modify or remove the turn limit of each mission (according to them, it offers a more rewarding gameplay since you'll have all the time you need to loot).
Is the GOG version updated with this patch? If yes, how do I adjust this setting in the game? I assume it's done in the screen that asks me to choose campaign/enemy AI and so on, however some options seem quite cryptic to me and, without a manual, I can't decipher them.
This question / problem has been solved by pnptcnimage
No need to update. GoG's version of Deadly Games is the 1.13 version, which is the patch that has the time limit options. I'll do a little copy paste from the patch's Readme file.
- The BIGGIE: New turn limit features have been added. Now you'll have the
ability to adjust the turn limits to (hopefully) suit your taste. The
following is a description of the available options (keep in mind the
difference between the two columns is only "Regular Action Points" versus
"Increased Action Points"):

Reg APs w/Limits Inc APs w/Limits
----------------- -----------------
Same as before - when the limit is up, it's up.


Reg APs Inc Limits Inc APs Inc Limits
------------------- -------------------
Turn Limit will be increased by 40% ; however, when it's up, it's up.


Reg APs Limits = + Inc APs Limits = +
------------------- -------------------
If you fall into the category of players who enjoy the turn limit challenge
but wish for extra salvaging time, we've tried to address that as well.
With the turn limit option left ON, if you reach the turn limit having
achieved your mission objective, you'll be presented with the option to
stick around until you hit the 'W' (withdraw team) key WITHOUT HAVING TO
ELIMINATE ALL OPPONENTS. We call this the "Limit equals more" (time) option
and it is available for single player games only.


Reg APs No Limits Inc APs No Limits
------------------ ------------------
Turn Limits no longer exist, which means you can take as much time as you
want to complete your objective as well as salvage goodies. If you use this
option, the turn limits will still appear (albeit darkened) in the initial
mission screen and mission review screen for reference. This option is
available for single player gameplay only. To end your mission, you'll need
to withdraw your team (using the 'W' key) and must have eliminated all
opponents first.


IMPORTANT:
-----------
These options are available in the "bullet" option screen *before* starting
a scenario or campaign. If you need to update a game in progress, we've
allowed a way to affect a *campaign* game by calling up the mission review
screen (the one during the actual mission) and pressing the "T" key. Each
time you press the "T" key you'll upgrade one level. There is no way to
go backwards, so be careful!
Thanks for bringing that up. I wasn't aware of the function on that option either. I don't mind the pressure the turn limits put on a game, but I like the option to take my time too.
Thank you! that's exactly what I was looking for!