setTimeout(function, waitTime)
when you pass a function to the setTimeout method, the method waits for a specified amount of time waitTime, and it calls the function function.
But passing in console.log('hello') only simply logs out "hello", but does not return anything and thus does not actually pass a function or callable into the method.
Many ways to go around this:
setTimeout(function(){console.log("hello");},1000); //passes an actual function
setTimeout(()=>{console.log("hello");},1000); //lambda, passes an actual function
setTimeout(()=>console.log("hello"),1000); //same here
Also, if it was supposed to be repeated over intervals, then use setInterval (same arguments as setTimeout).