Newbie here, so no idea on what happens when we come out of the pool and how much time we have to get ready for bike ride?
When you get out of the pool you have as much time as you like to get ready, but, remember this counts to your overall time.
Normally people swim in clothing that they can then cycle and run in. You get out of the pool and prepare to get on your bike in the transition area.
I hope this helps.