I also have concerns about using a time out like this.
Time outs do work where the dog understands what he should be doing instead, and the underlying reasons for the behaviour are already addressed.
In this case I suspect neither is true.
So what is likely to happen is that he will get more frustrated, trust you less (as you're startling and manhandling him) and therefore he will be more inclined to bite you very hard as a result.
Trying to extinguish a behaviour like this will result in whats called the 'extinction burst' where just as it looks like the dog is grasping the idea, they will suddenly try 10 x harder to get the old behaviour to work. This is perfectly normal, we all do it - its scribbling harder with a pen that doesn't work, flickign the light switch a couple of times before you accept the bulb is gone or the power is out, turning the key several times before admitting the car is in fact dead...
However when it is a dog trying to get a particular response from you by using his teeth, it will be biting VERY hard, jumping up, etc...
If you must use time outs (and there are situations where they're necessary) - they need to be swift, consistent, low drama/fuss, no manhandling/raising voices.
I deploy a time out for dogs barking at me to hurry up when prepping food - so they can see me, the second they bark I drop what I am doing, step away from the counter, fold my arms and look at the ceiling.
This is then a very clear message that I am NOT doing the thing they want me to do, that in fact their behaviour is my 'off switch'.
The second we have quiet, I resume food prep... and repeat, ad nauseum, until they grasp it.
However as I say, these are dogs who already know that lying on the mat = food happens, that barking halts play, that biting halts play, that sitting nicely earns attention/reward... and they have some impulse control.
Yours doesn't have that.
The advice to shout at him, squeak or yelp at him, turn your back on him - these will ALL fail and frustrate him and wind him up further.
I'll urge you again to get the ZigZag Puppy Training App, as you can then have 24/7 access to real, qualified positive reinforcement trainers who HAVE absolutely dealt big, bitey, idiotic young dogs, sighthounds, mastiffs, hunting dogs, rescue dogs... and do understand what is practical and sensible and what might result in a short term 'fix' but a long term bigger problem.