In your "Analyze settings" you have the possibility to define the simulation time. Standard is 1 s. You can define any time you like. Usually the time stepping is default. You set "Auto Time Stepping" to "Off" and "Defined By" to "Time". Then you can define a minimun, a maximum and a start value do define the resolution of your load function.
I do not know if you can define an ultimate deformation/stress at which the solution is terminated. In ANSYS Mechanical APDL this would be possible but I think not in Workbench.
I also would like to know if there is a possibility to stop calculations after certain value is reached or it changes less than defined (for example temperature settling: deltaT