When Hot Standby is active, this parameter determines how long the standby server should wait before canceling standby queries that conflict with about-to-be-applied WAL entries, as described in hot-standby-conflict.
max_standby_streaming_delay applies when WAL data is being received via streaming replication. The default is 30 seconds. Units are milliseconds if not specified. A value of -1 allows the standby to wait forever for conflicting queries to complete. This parameter can only be set in the postgresql.conf file or on the server command line.
max_standby_streaming_delay is not the same as the maximum length of time a query can run before cancellation; rather it is the maximum total time allowed to apply WAL data once it has been received from the primary server. Thus, if one query has resulted in significant delay, subsequent conflicting queries will have much less grace time until the standby server has caught up again.