In the real world, everything takes time. For ICs we call this their
propagation delay. The data sheets for the ICs state what the typical and maximum propagation delays are. The delays for simple gates like And and Or are relatively short. For more complex chips like multi-bit adders the delays can be quite a bit longer. Multiplexers will be a bit slower than simple gates, but faster than adders.
So, you are quite right in your observation that there are short periods when there is indeterminate data on the logic lines. We engineers have a technical term for this: "glitches" 8-)
In chapter 3 you'll learn about clocks and synchronous circuits. Basically, at the beginning of a clock period all the combinatorial logic starts computing its new value and there is lots of glitchiness as the signals propagate through the logic. Sometime before the end of the clock period the signals stabilize so that the sequential logic can store them.
It's one of the hardware engineer's jobs to calculate what the worst case delay through his circuits is. This worst case delay determines the maximum clock rate.
There are some circuits that often take longer than a clock period to operate, for instance a hardware multiplier. The simplest way to deal with this is to insert "wait states" in the CPU when multiply instructions are executed.
You might find
The Real World is a Hazardous Place interesting. It talks about problems caused by propagation delays in a circuit as simple as a multiplexer.
--Mark