Not directly. I mean once you make a decision on failed attempts, those attempts won't be 'reset'. They will be stored in the database. Everything would be based around the query.
Given that, if you adjust your Insight filter query correctly, such as looking for failed attempts in the last 1 hours, lets say. . then that would effectively be a timeout period. After 1 hour when the user attempts to login again, and that query is ran, it is only going to show failed attempts in the last hour.
For instance, an user fails 5 times in the last hour. They are Blacklisted/bounced from switch. After an hour has elapsed, those 5 attempts won't be returned in the query.
I hope that makes sense.
*EDIT*
I didn't answer your question directly. . CPPM doesn't ever "block" authentication attempts since the attempts come from the NAD, not the user directly.