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This thread is resolved. Here is a description of the problem and solution.
Problem: Timeout Errors on Shop page after WPML Update:
Fatal error: Maximum execution time of 30 seconds exceeded in /www/htdocs/w0137774/belfunk.de/wp-includes/cache.php
Errata for known issue:
Fixes provided in Errata and alternatively inside the following ticket: https://wpml.org/forums/topic/upgrading-to-wc-3-6-1-with-wc-multilingual-4-6-0-causes-problems-in-2nd-language/
Updating to WPML 4.2.6 and WCML 220.127.116.11 solves the issue!