That's a good start
If you scroll down a little on the phpinfo page, you should see the current setting for upload_max_filesize, it is probably best to confirm that it is showing what you expect it to show ( 20M ).
The default value for max_execution_time is 30 seconds by default, you might try increasing this to see if it solves your problem.
No, there is no delay, the new settings should take effect as soon as you modify the php.ini file.
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