Yes, but the key space to brute force is the key space after truncation. You don’t need to brute force the original seed.
The probability of guessing the challenge _wrong_ once is (1 - (100 / 1000000)). Every 30 seconds you get another chance. The probability of guessing the challenge wrong N times in a row is (1 - (100/1000000)) ^ N. Around chance number 7000, the probability that you've guessed it wrong all N times goes lower than 50/50. ~7000 * 30s in hours is around 58 hours.