I think the normal sorcery version gave you infinite time, but casting it again removed it… I might be wrong. I have not used it for a long time. Maybe drinking another would cancel it, despite it sounding counter productive.

Dying is always an option. Just placing down a bed and removing your bracelet in the ESC menu. Then just pick up your stuff.

I wish I got that potion from the battle pass. Looks useful to not have to invest in Sorcery on every server I play on.