I just had the same issue. Usually it would disconnect for no reason (that I know of) and I'd simply connect it again. Which by itself is already a bug worth fixing.
This time I've gotten the "timed out" pop ups.
What I did in the last 15 minutes to try and fix it:
-switch off the airplay options
-switch off and on wifi, disconnect and connext the USB
I don't think that that helped.
Switching off airplane mode is what it did for me. Wouldn't know why or how, but that did it.
Another bug apple should fix is that the cable connection works for hours, to then stop working out of nowhere and starting to demand a wifi connection.