Drying flat avoids stretching and helps the sweater retain its original shape. Once stretched out of shape some fibers don't recover well. Sweaters in a tumble dryer can get tangled around each other and end up stretched. Some knits can snag more easily on small rough protrusions inside clothes dryers. Tumbling can increase pilling as the knit fiber rubs against itself. Hanging will tend to stretch out the knit due to the weight of the wet garment.
How long flat drying takes depends on several factors:
a) the fiber and weave of the sweater itself
b) the humidity level and temperature of the room
c) how much airflow the room gets
d) the surface you lay it out on (don't put it on any surface that could be damaged by moisture such as wood)
It can take a couple of days or more depending on season.
FWIW, I only wash one or two "dry flat" garments at a time knowing there are only one or two good places in this house to leave them undisturbed for multiple days (lesson to be learned OP
). I put the sweater on one or two towels laid on top of my closed dryer/washing machine lids and arrange them back into their original shape. I swap the towels out and flip the sweater over periodically so one side doesn't sit damp too long.
Natural fiber knits tend to contract a little as they dry, then stretch a little as you wear them again. If a sweater tends to fit snug (for me it's usually sleeve length), I may
gently stretch them a little. The first time you wash something like cotton or wool it tends to shrink the most and you can't always stretch it out enough to counteract shrinkage without ruining the shape of the garment.
There are several different types of screen drying racks available you can arrange over a bathtub or laundry sink for flat drying and some frames have legs so you can set them up over a surface that can't get wet. If you happen to have a number of flat dry garments, a set of drying racks would be worth having on hand.