Is Lapse = Do not exercise (liquidate)

I've been using IBKR for a while now, and losing money mostly on weekly options expiring at Friday, as IBKR liquidates open positions ITM anytime between 2h to 40 min before closing time.

I see in the Trader workstation and mobile app there's an option to select Lapse for ITM options. If I mark my ITM options with these, will I have time to sell them until market close?