The strength of exchange bias and rotatable anisotropy in polycrystalline $\mathrm{Ni}\mathrm{Fe}\ensuremath{-}\mathrm{Ir}\mathrm{Mn}$ ferromagnet/antiferromagnet systems is quantified from dc down to the picosecond time scale by regular quasistatic and microwave magnetometry, as well as magnetic domain observation. A transition from superparamagnetic to antiferromagnetic behavior with increasing IrMn thickness is derived from the magnetic resonance frequency and the effective magnetic damping parameter. A discrepancy between magnetic loop shift and dynamically obtained exchange bias strength is explained by asymmetric rotatable anisotropy contributions with different relaxation times in the antiferromagnetic layer. The time-dependent relaxation is directly confirmed by magnetic domain observations. Partially switching in the IrMn layer even with strong exchange bias is concluded. The increase of coercivity rises solely from the rotatable anisotropy contribution.