Must be something to your workspace at that time. There is no delay usually. Functions are created right away and to see them in the UI sometimes you will need to refresh the portal but they can be used right away.
It looks like workspace specific issue. I created another workspace and it was also having delay. It did not show up functions immediately. However, when I create functions in one of our old workspace, I noticed functions appear immediately in the left pane after refresh. Not sure if it is bug or some configuration related to that workspace.
@Stanislav Zhelyazkov , On the similar line, is it possible to create saved function with arguments? I basically would like to create function with time range arguments, so that I can have single function to return results for different time period.
I do not think that is possible. If you going to provide input the user of the function have to enter some information anyway so why do you use function at all. You might be better with just saved query. Functions to me are more line predefined scope.