I am using sensors for my application.
I am using Python for my application. Is it possible to ble advertising parameters, supervision time out for the application.
Yes it is. On our sensor side, see our APIs regarding connection settings.
On the Python side, we use a 3rd party library called PyWarble which is a wrapper around the C library called Warble which is a wrapper around libblepp (a version of BlueZ) on LInux and uses the internal BLE libraries on Windows.
You can change things like connection intervals and scanning parameters on the Python side but you will have to do it at the lower levels (I don't think we expose it at the Warble level).