Na seção Drivers de dispositivos Linux do Linux 'Tempos limite de transmissão':
Most drivers that deal with real hardware have to be prepared for that hardware to fail to respond occasionally. Interfaces can forget what they are doing, or the system can lose an interrupt. This sort of problem is common with some devices designed to run on personal computers.
Many drivers handle this problem by setting timers; if the operation has not completed by the time the timer expires, something is wrong. The network system, as it happens, is essentially a complicated assembly of state machines controlled by a mass of timers. As such, the networking code is in a good position to detect transmission timeouts automatically.
Thus, network drivers need not worry about detecting such problems themselves. Instead, they need only set a timeout period, which goes in the watchdog_timeo field of the net_device structure. This period, which is in jiffies, should be long enough to account for normal transmission delays (such as collisions caused by congestion on the network media).
If the current system time exceeds the device's trans_start time by at least the timeout period, the networking layer will eventually call the driver's tx_timeout method. That method's job is to do whatever is needed to clear up the problem and to ensure the proper completion of any transmissions that were already in progress. It is important, in particular, that the driver not lose track of any socket buffers that have been entrusted to it by the networking code.
Portanto, parece que a estrutura tx_timeout está lá para garantir que o sistema não trave quando algo der errado no hardware. Eu não tenho idéia do porque o seu não é 0, mas pode ter algo a ver com o driver da NIC.