Well, 5.11.3 says
. . . Only one 60-second time-out is charged (or one 30-second timeout, if that is the only type of time-out remaining) in 5-8-4 regardless of the amount of time consumed when no correction is made.
EXCEPTION: No time-out is charged:
a. If, in 5-8-3, the player’s request results from displaced eyeglasses or lens.
b. If, in 5-8-4, the error or mistake is prevented or rectified.

And 5-8-4 says…
Time-out occurs and the clock, if running, shall be stopped when an official:
. . . Responds to the scorer’s signal to grant a coach’s request that a correctable error, as in 2-10, or a timing, scoring or alternating-possession mistake be prevented or rectified. The appeal to the official shall be presented at the scorer’s table where a coach of each team may be present.

One 60 second timeout (or one 30 second timeout) ...
 

Great citation. Thanks. I've been looking at this for almost a week. I wonder why they took the 60 second, or 30 second language out of 10-5-1? I wish that the NFHS would highlight all language changes, not just major rule changes.

My understanding is that yes, this evolved with the addition of the three point line. A three is only a three if the official signals that it is a three point shot, even if the shot is taken from mid court. Failing to signal a three point shot is a CE for failing to count or cancel a score and must be corrected within the CE time frame. And if there is doubt whether it was a two or three point shot, it is a two. If there is no three point line painted on the floor (and there are a few out there still, like the little church gymnasium I work in occasionally), there can be no three point shots.