What is the difference between applying an "Ignore" action to the application and not doing this?
When Comodo Auto-containment is set to "Ignore" a particular application, all its actions are ignored too (including possible exploits, *.tmp files, etc.). This is very usable, but not always safe. Fortunately, the commonly exploited applications are popular/signed, so they rarely require the "Ignore" action. The cons are that several "Ignore" rules must be added for other applications (mainly to avoid blocks after update).
When using a "less than" time limit, Comodo allows running the installed application, but possible exploits, *.tmp files, etc., can still be auto-contained or restricted by Comodo's Script Analysis. Such a solution requires an anti-virus with good signatures to prevent infections by some non-0-day malware. Currently, this solution is not optimal for CIS users but prefers Comodo FIrewall + popular AV. Such a solution (silent setup) can be applied to the computers of happy clickers, children, or inexperienced users.
I think that for CIS users (MalwareTips members), the safest solution is not using "less than" time limit and avoiding "Ignore" actions for commonly exploited applications. To prevent most attacks via DLLs, one must be cautious when opening disk images, shortcuts, and archives (or use the 7-Zip trick for them). However, such a solution should not be applied to the computers of happy clickers, children, or inexperienced users (alerts require user interaction).