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I suggest you take a look at the updated docs on multi-threading first, as it seems you're doing a lot of effort to make sure the second process executes on a separate thread while in general you can just use asynchronous tasks to make sure tasks are executed in parallel. When you start a sub-process with wait for completion set to false, it will then start the sub-process and execute it until it reaches a wait state (which could be an asynchronous task, a timer node as you specified or even the end of the process).
It would be possible to execute a sub-process completely independent using a new thread as well if you don't require synchronisation. It wouldn't be too difficult to implement this as a domain-specific service, where your handler would just call startProcess using a new Thread.
Regarding the timers property, this is available in the editor as it was supported in an older version. The new BPMN2 language however has different constructs for modeling this type of behavior, like timer event, possibly as a boundary event, so it is not supported if you use BPMN2 as the underlying language. That's also why it's not described in the documentation.