Exactly as you'd expect. It would recur after the available time according the recurrence pattern defined in the schedule until the expiration.
For what you have above, the deployment will only be enforced a single time (5/6/2021 @ 1200) making the recurrence pattern moot.
- No as that's part the expiration.
- No. Same answer, it's past the expiration.
If you want to constrain the time of day when a deployment is enforced you can use maintenance windows although this will potentially impact all deployments or you can include a custom check at the beginning of the TS that exits the TS if it's not within the desired timeframe.