Cron schedule interval through plugin options?

Yes, in my opinion that’s exactly the right way to extend the default schedule timings. I would be a little more informative with the display value but I think that is only example code.

However, one important thing should be taken into account. The default WordPress schedule implementation that is invoked as a side effect of http requests will be effecting your sites performance even more if you reduce the time intervals of schedule executions. So you should move schedule execution to cron jobs at latest at this point. You can read in detail about that here: https://medium.com/write-better-wordpress-code/optimized-use-of-schedules-c18c3c1383e9

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