The CA WA DE allows events to define exact time to run. The Applications and Jobs can have days or date to run on particular days. The 'Run Frequency' may not contain times.
When the Event is triggered, all the jobs in the application are evaluated. If the jobs meet the of the event, then they are loaded and made ready to be executed in that generation. E.g. If Event schedule states 9 AM WEEKDAYS, then all the jobs that have DAILY or WEEKDAYS will run.
CA Workload Automation DE 11.3, R12.x