The default for this setting of 5 minutes is fine for most installations. If your system isn't able to keep up with writes and you've already increased max_wal_size to where the timeout is the main thing driving when checkpoints happen, it's reasonable to consider an increase to this value. Aiming for 10 minutes or more between checkpoints isn't dangerous; again it just increases how long database recovery after a crash will take. As this is one component to database server downtime after a crash, that's something you need a healthy respect for.
checkpoint_timeout
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