Yes to what Jamie is saying-- I see it as an opportunity to teach
executive function; age-appropriately, of course, and understanding that impulsivity is NORMAL at this age...
so I didn't call this "time out" and I didn't call it a "naughty spot"-- frankly, I didn't give it a cute name at all.
I simply placed DD there (or told her to go there), "until you have control of yourself again," which was always
at my discretion. I didn't tend to use a timer, since IMO that turns this from discipline into punishment.
Sometimes "I'm still too angry right now because of what you did" was reason enough for an extra few minutes of reflection for her. I definitely learned early not to
hide my emotional responses to her. That was a sure ticket to escalation, because she NEEDED to know that her behavior frightened/irritated/embarrassed us when it was inappropriate or dangerous.

Some of this probably depends upon temperment, however. My DD was very
socially oriented, but she was never as physically brazen/impulsive as the OP's child. Then again, I think she may have been responding to our obvious emotional responses to that kind of behavior. I also intervened physically when I
had to get her to stop something and listen to me. A single swat or tap on the shoulder was a signal to her that whatever she was in the middle of was WAY out of bounds, and that it often meant DANGER.
We let her
see when she did something that frightened us, and then we explained WHY it was frightening. I wouldn't recommend that for most toddlers, since my experience suggests that most of them don't have the cognitive capacity for that kind of cause-and-effect reasoning, but DD certainly seemed to.