Yes. Adventure games have no concept of actual time passing, just Adventure Time passing, which only passes when you leave the screen or perform an action. If a sign says "Back in five minutes", it actually means "I'll be back when you've done particular action elsewhere totally unrelated to my coming back".
The exception to this rule is... when it doesn't apply.

Like in KQ5, where you need to wait for a few minutes in a place which has no indication that you need to wait there.
