The resubmit cooldown temporarily prevents a visitor from submitting the same form again. It works only when the HubSpot form submission setting is Show thank you message. If the form redirects to another page after submission, the cooldown cannot remain visible on the original page.
The same rule applies to a form inside SW Pillar Section. Its cooldown is separate from the cooldown for a standalone SW Form, so submitting one does not start the waiting period for the other.