If I were to use this bot for an auction, would it keep bidding if someone got a higher bid than me after my first snipe bid? Or would it only make one bid on each item I bid at? I wouldn't want someone else to win it because I did my snipe too early and couldn't do another bid after to correct it... And if it only does one snipe, what time should I set it to?

The point of sniping is to make one bid. There is no need to keep bidding as that will increase the price for no reason.
You set your bid and time, and let it go.
The default time setting is fine.

thank you!