How much is the game the timed or arcade events? Is there visible time limit for that ones and after failure can you redo them or you have to live with their consequences?

There are no timed nor arcade events. For every decision you can take your time (at least for what I've seen so far and I'm 60% into the game).

There are no failures. If you do something "wrong" as giving the incorrect clue to somebody, or answering the wrong line, you can retry as much as you like without reloading the game.

As far as I know, there are at least two different endings that are tied to some choices you make during the game, but none of them are to be considered as a failure.

Cheers

Adding to what was said before, there are some points when you need to choose how to respond, that cannot be reverted and will determine the ending you receive. As the previous poster said, these don't cause you to "lose" or get stuck, but you may be left wondering about the ending that got away.

Also, there are secrets & collectibles, which are only available during particular chapters. If you progress without collecting them you'd need to replay the chapter to find them.