That's kind of right. 24 and 25 frames per second are both common, and work out to 1 frame every ~0.04s.
To get a decent timelapse you've got to work backwards. Decide how long you want the video, work out how many frames you need for that to work, then set up the camera to take a pic every so many seconds to make that work. So if you want to make a one minute movie you need 1500 pics at 25fps. If you took 25 minutes to change the tyres (I know, unlikely) you'd be taking a picture every second.
Still, yay!