Retry is a verb with a subject
'Retry' promises another attempt. If the button just replays the identical request, the attempt is a rerun, not a regeneration — label it. This site's answer actions print exactly that: 'a local replay, not a new generation'. The label costs nothing and prevents the discovery that retry never changes anything.
The wall should be readable
A rate limit is a wall the user did not build, so the interface has to make it legible: what the limit is, how long until it unlocks, and a retry that stays disabled until the countdown ends — with the countdown visible, not implied. 'Try again later' is a wall in the dark; 'unlocks in 12 s' is a wall with a clock on it.