Yes, it is possible to skip waves by killing monsters faster. Recently, Mirade added information about the changes.
Tibiadrome2021-06-11 10CESTIf a Tibiadrome wave is defeated in a short time some waves will be skipped. The faster you kill a wave the more waves are skipped.Summons are now taking the correct amount of damage.The Highscores on the Website are now updated correctly.
As for the time, it's hard to say at the moment. For sure, when the test server starts again, I will check it and add information, but everything may still change during the tests.
Introducing the ability to bump and pin questionsJanuary 09, 2022
Fourth Anniversary InfographicDecember 30, 2021
Interview with Laethye - Game Content Designer of TibiaNovember 23, 2021