I've never seen 'timor' as an English noun. In the line of Latin used as the refrain of the poem by... Henryson?... whoever..., Timor mortis conturbat me, I use a short -i- as in the name, and a full -or, not a neutral vowel: but even I admit to being unsure how a Middle English poet speaking a Northern dialect would have pronounced Mediaeval Latin intended to rhyme with his English, so that's a bit academic.

The island is of course not relevant, because it's an Austronesian word for 'east' taken in through Portuguese.