No you are correct there - 1 minute max on soak time, unless you are using a custom mix for thicker materials. You might be OK going longer than a minute on 1" and up, but again we're talking a custom mix and likely lots of experience by the time you get to that point...or at least, you should have a lot of experience before you tackle a build that requires 1"+.
Anything over 30 seconds of waiting time with material 1/2" or less and you will start to get dry out of the mush, and going 1 minute, it's going to have started to set up already. It will still squish out, but it will not be liquidy, so you wont get a curved fillet when the parts settle in but rather a "bead" which is still better than nothing because it prevents air intrusion into the joint. This is also assuming that your pieces all line up on the corners and such (i.e. nothing is causing the parts to "stand off" and allow a gap)
The reason I refrain from totally ripping this technique apart is because I haven't tried it myself. I have no problem saying that the pins method and the assembly order outlined in this thread is the best way to build a tank, hands down - and using foam-covered boards, shims, and garbage bag twist ties doesn't break the bank so it's not expensive either.
The nice thing about acrylic is that it is forgiving. This is also the part that makes it somewhat "dangerous" (I'm searching for a better word to describe what I mean). Because you can make a capillary weld look good, but that doesn't mean it's as good and definitely not better than a pin weld. You can master the technique and build an entire tank with cap welds and it will look good, you can fill it and it will hold water, and it might hold water for years. This is the thing that people will sit back and say "see, there is more than one way to build a tank". The difference is after 5 years. After 10 years. After 20 years. The difference is when you bump into the tank really hard, or back into it with a forklift. Literally, I've talked to people who have backed into an filled acrylic aquarium with a forklift and moved it but not broke it. Or maybe you lift it by the eurobrace. Things like that is where pin welds can make the difference between a tank that lasts a decade+ and/or survives through the idiot factor.
So it's harsh to say the guy is an idiot. For small tanks, you might be safe with using the cap weld technique if you have some handyman skills. For sumps, you could probably get away with it as well, because there is strength added with baffles and such. But people that cut corners to save time and money usually also cut corners on material cost without thinking about it, so they're likely to use extruded materials, off-brand cell cast, thinner materials than recommended, rimless when eurobraced is needed, pieced-together euro instead of one-piece, etc. All that can definitely add up to disaster.
So like I said, the IF factor is huge...if you use the right material, if you practice, if you let it cure long enough, if you put it on the proper stand, the list goes on...using an inferior bonding technique magnifies the IF factors. Why would you do that?