timeout from System.Timeout doesn't timeout for non-allocating interpreted loops

Summary

The timeout function from System.Timeout works great. Except for non-allocating loops in GHCi

Steps to reproduce

In GHCi:

> import System.Timeout
> let f = (($!) f)
> timeout 1 (print (f 2))

Expected behavior

It should return a Nothing, but instead it just hangs, and doesn't even respond to ^C, only kill signals.

Environment

• GHC version used: 8.10.4

Optional:

• Operating System: Ubuntu Server
• System Architecture: Linux mpg 5.4.0-80-generic #90-Ubuntu SMP Fri Jul 9 22:49:44 UTC 2021 x86_64 x86_64 x86_64 GNU/Linux