That wouldn't be 24/7, but that would be 24h during those 4 days, yes.
No, it will just disable autotrading. It won't try to close any trades. It won't even check if there are any trades.
If you want the Scheduler to disable autotrading only when no open trades are left (they are either closed manually, or by SL/TP, or with some other EA), then you need to set the WaitForNoPositions (and WaitForNoOrders if you want no pending orders as well) input parameters to true. Make sure the 'Always enforce schedule' checkbox is ticked because otherwise, the Scheduler won't switch autotrading off for the period if there are open trades at switching time.