I don't see why it wouldn't. The timer is a global thing. It should affect any events that would refer to it, no matter where they are located.
Because we'll say you have loop A and loop B, which is what you're asking about. Loop A will call the timer, which makes it start, and shows the time on the screen, counting down. If you're setting it up like you have in that loop down there, however, you may want to do something more like...
Timer (x numbers and y seconds)
Loop
conditional branch
If timer past x miniutes and y seconds then
stop timer
Break loop
Because otherwise each instance of the loop will reset your timer to whatever you placed it at. Anyway, continuing on.
...hm. I think your eventing could be changed a bit, otherwise this is going to be caught in the loop until the end of the timer is reached, and none of your other events will happen. Something more like this would be more effective, I think...
(Step 1)
Plot event starts the Timer.
(Step 2)
Set a Common Event with a parallel process that has your
conditional branch
If timer past x miniutes and y seconds then
stop timer
Which will do exactly what you wanted up there, only it won't be trapped in limbo forever. However, if you plan on using more than one timer in your game (as in, another event involving a timer in the future), this will need to be edited slightly, as /all/ timers will stop at that time.
(Step 3)
Setup another Common Event with parallel process. Again, if you're planning to use multiple timers throughout your game, you're going to want to set up another condition, such as a switch. Here is where you'll have your conditional branches, just how you had them before. So something like...
loop
Conditional branch
If timer less than 5
This thing happens
else
conditional branch
if timer is less than 10
This thing happens
else
conditional branch
if timer is less than 20
This thing happens.
else
And so on building upwards, otherwise it'll just run the first condition once and that'll be all.
Whew, that was a little longer than I thought,
; I hope that's clear, but if not, either reply again, shoot me a PM or hit me up on one of my messengers.
Kularian