run-time option doesn't work with hls and dash streams
Here is the example:
vlc --playlist-autostart --play-and-exit --run-time=30 http://content.uplynk.com/channel/3324f2467c414329b3b0cc5cd987b6be.m3u8
I think the cause is the segmented (chunked) nature of such streams. It seems only the first segment gets played.