When having the damage, experience and/or improved loot prey active on a character, the timer will not tick down while walking on fire. However, if a player has the damage reduction (defense) prey, the timer will tick down on that specific prey as the player takes the hit from the fire regardless if damage being taken.
In the first screen shot, we can see how I have three separate preys set. All are full at the start of this test.

In the second screen shot below, we can see how the damage and experience preys did not change after walking for approximately five minutes on the fire (Firewalker boots were on for the run).

For the third screen shot, I switched the experience prey to show the improved loot prey for a second test.

In the fourth and final screen shot, we can see that the increased loot prey did not decrease after approximately five additional minutes of running on the fire with firewalker boots on.
