The 10 uF is not a value that sets timing. Mike likely picked something for the simulator.
Usually you follow the manufacturer's suggestion for bypass capacitors in terms of type and value. In MANY cases is something like a 0.1 uF ceramic capacitor. Universally, the requirement is they need to be close to the pin with as short of a lead as possible. Since each type of capacitor has different characterisics, the parallel combination exploits each of them. Sometimes 3 different types are used in parallel.
What the capacitor does is compensate for the minute amount of inductance that exists in the lead to the IC. Without it, intermittent things may happen.
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Some capacitors have a WV or Working Voltage and a Surge Voltage. 2x the expected voltage in a system is a good design number. The lower the voltage rating, the smaller the size. Really bad things happen when you use a capacitor rated for 10 kV in a circuit that expects 1 V,but for 5V system, you might find, 6, 12, 25 or 50 V rating parts.