The Travis Arm64 env is a pretty big PITA for quite a while now. It simply seems to time out due to a lack of resources as far as I can tell from my research into the matter.
I have reported the issue in August and received no response: https://travis-ci.community/t/arm64-failing-without-message/9775. Others have complained about similar issues with Arm64 over the past year. The explanation for this is probably that this env is still considered to be in beta: https://docs.travis-ci.com/user/multi-cpu-architectures.
Considering the high frequency of failures (I didn't run any numbers, just based on my personal observations) and the beta status I would suggest that we shorten the runtime by removing part of the test suite until the env is more stable. I would suggest removing functional tests since it should help for sure but maybe there are other ideas.