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There are many benefits to timing your practice, including:
The concept of "squared terms" is something you'll see repeatedly in the Quant section of the GMAT. Since math rules don't change, part of your practice should be based on learning how to "respond" to a piece of information when it shows up in a question. When I see ANY exponents, I immediately think of the handful of exponent rules that they GMAT COULD test me on. When I see a squared term, I immediately think "there's MORE than one answer." In this way, before I start doing any of the *real* work that is required to answer the question, I have the idea in mind (and I can jot it down on my pad) so I won't miss that question for a silly reason.
During your studies, you're not just trying to answer an individual question correctly, you should also be trying to build up your memory, pattern-matching ability, etc. so that when those same patterns occur again, you'll be able to answer the question correctly (and likely faster).