I have to use atleast 2 setTimeouts and 1 setInterval. Does this have any dependency on the browser or javascript engine being used?
tl;dr: Don't worry about the cost of timers until you're creating 100K's of them.
I just did a quick test of timer performance by creating this test file (creates 100K timers over and over):
I opened this file in Google Chrome (v54) on my circa ~2014 Macbook Pro, and went to the Timeline tab in Developer Tools and recorded the memory profile as the page loaded and ran thru 3-4 cycles of the test.
Observations
The timer creation loop takes 200ms. The page heap size starts at 3.5MB pre-test, and levels out at 3.9MB.
Conclusion
Each timer takes ~.002 msecs to set up, and adds about 35 bytes to the JS heap.