For import and troubleshooting guide, kindly refer to the information and server requirements available here.
If you’re using shared hosting instead of dedicated hosting servers, there might be timeout set on the server side which will ignore PHP settings (i.e max_execution_time or file_upload_size).
IF you’re using shared hosting, best to consult with your hosting provider or you can divide your CSV file into smaller separated files and perform import. For more info, you can check reference link and screenshot available below.