Hi MrNigel,
I investigated this and it appears that there are large number of files in the OneDrive for Business that you are using. Currently there is a limitation in the API exposed by OneDrive for Business for getting files in a directory.
It only allows fetching files from the root folder of the one drive. Which in this case is returning large number of files and iterating through files and directories to detect the creation of new file is taking more than 2 minutes (reason behind the failure you are seeing).
We are working with OneDrive for Business team to remove this limitation but until that is fixed, if possible, as a workaround if you use normal OneDrive (not OneDrive for Business) you wont see this issue as normal OneDrive allows directly fetching files/changes from the child folder you specify in the trigger condition.