Two profiles are linked to each schedule, one controls various settings when the screen is turned on, the other controls those settings when the screen is off.
Each profile is independant of the other. Each profile controls the device's volume, Wi-Fi, and Data state. The Screen On profile also controls the device's screen brightness and time-out.
The Screen On profile can also launch an app of your choice. This means when you turn your device on, the app of your choice will be ready and waiting for you to use.