I stated earlier that you could close the form and re-open - IF the connection has by that time re-established itself. Which is a possibility. The related question "DOES ACCESS STILL NEED TO WAIT" can only be answered by testing the connection to see if you have one. (See
@RonPaii remark regarding WMI). If you have a connection but the previously open form has now gone bonkers, try to close it and find out. That comes back to whether the form is still around or whether it will respond to a DoCmd.Close of the form, or whatever other method you try.
The real headache in this question is whether Access itself has actually EXITED because of the lost connection between the FE and the linked tables in the BE. That is going to depend on factors such as the way the network was set up and whether the App's error handling (provided by the app's author) intercepted the error that would possibly be fatal to Access itself. I have seen cases where Access died because it lost contact with a linked BE table. Therefore, in answer to the "NEED TO WAIT" question, I have to reply, "Damned if I know. It depends on too many factors."
This presumes that Access is able to deal with that. Remember that Access is (a) single-threaded for code execution and (b) your code is not always in control if no relevant event has been recently triggered. This implies timer operations, and the problem there is that a complex timer routine is going to slow you down a lot. A MAIN program clearly could set up event interceptors to tell you what is going on, but you don't control all of the event vectors for MSACCESS.EXE, the MAIN program. That kind of hampers the detection process.