Correction: default time is 2 seconds...
$ cryptsetup --help
[...]
Default compiled-in key and passphrase parameters:
Maximum keyfile size: 8192kB, Maximum interactive passphrase length 512
(characters)
Default PBKDF for LUKS1: pbkdf2, iteration time: 2000 (ms)
Default PBKDF for LUKS2: argon2i
Iteration time: 2000, Memory required: 1048576kB, Parallel threads: 4