MySQL Lock Wait Time Out Exceeded upon Delete
Do you have INDEX(COMPONENT_NAME, UPDATE_DATE) with the columns in that order?  (Please provide SHOW CREATE TABLE.)

What else was running at the same time?  (SHOW PROCESSLIST before the DELETE times out.)

Let's see that other query; perhaps it can be optimized to run faster.

What is the value of autocommit?  Are you using BEGIN...COMMIT?