You still use 20 timers per life (or wait 3 days between each which is ridiculous already) but after your 20th run it should remove the requirement for a timer.
This is especially useful for end-game content such as Shroud, Hound, and TS.
I have nothing to do now aside from hit the To Curse the Sky LFMs out of shear boredom or pay for another Legendary Raid Timer Bypass to show off in a raid I don't even need to do anymore.