I should note that the iron hydroxide particles are very small and are very hydrophilic, which this results in a very low rate of sedimentation. Furthermore, filtration is not adequate since it also would eliminate the organic matter in suspension.
In my experience ironhydroxides and carbonates settle in a few hours. We pipet or decant the sample for COD from the beaker we used for the experiment and leave at least 1/3 of the volume with the iron precipate.
If your experience is different I can see two reasons. You have mainly iron(III) in the solution (Fe(OH)3 is fluffy) or too little carbonate in the water. I have heard of a variation of the procedure there the pH is increased by adding Na2CO3 rather than NaOH. This could solve the problem as both iron(II) and iron(III) carbonate settle reasonable well.
Manganese dioxide (MnO2) can catalyze the decomposition of H2O2 to H2O and O2. You can use MnO2 to quench the residual (unreacted) H2O2 in the sample in order to prevent the interference of H2O2 on COD analysis.