Honestly I really can't tell how long do we need to wait for the results.
Though I would say this idea is a gamble but one way to avoid the penalty is to inform KSA visa office that you want to cancel your exit re-entry visa.
Once done, inform CIC visa section Riyadh about what you did. Doing this you will also received an update about your status.
The other way around is not possible (informing them that you are going to cancel your exit re- entry visa bec the process takes too long) as I also think the VO is not responsible for it.
@ Bugoydpogi74 we are approaching our 7th week with no other feedback from them except AOR....
Hopefully... Next week