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.