If you heard the timeout while the player still had control, yes.
Now, this is where it gets really weird (it seems you're saying the timeout request came after the shooter was in the act of shooting).
The act of shooting only causes the live ball to be extended if there is a foul. A timeout by the team in control of the ball makes the ball dead immediately. So, the shot can't count since the timeout makes the ball dead.
Now, it gets more complicated...if the foul had already occurred while the player was in the act of shooting, you could have shooting foul, but no shot.
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