The printer won't park the nozzle by itself to let the layer cool down, but you can trick it into doing so by adding a purge tower or somesuch. It will waste some filament, but the alternative of a g-code script to park and wait will still have issues due to oozing and losing pressure in the nozzle.
Alternatively, printing multiple parts would also allow for more time per layer.
The minimum layer time setting is just the time until the slicer tries to start slowing down, but the minimum speed will still dictate the actual layer time. And lowering minimum speed also doesn't help as the nozzle then spends more time near the part, heating and softening previous layers.