Did you get the timeout issue resolved? By default the pulse time used for Ultrasonic sensors is 10usec whereas these sensors need 20usec (from the spec sheets). I changed this parameter plus the timeout parameter (default is 2.0m), but I was getting erroneous readings with the HC-SR04 above 1.80m.
Full details here ESPHome water level sensor - #190 by Britespark.
No timeout errors since I made these changes months ago. Still to resolve in code the random readings I get when it’s actually raining (so the water surface is rippled) which really mess up the charts (negative levels and percentages creep in), and temperature stabilisation (tank level inflates a few percent through the day as it gets warmer).