Right it will break it up. It will water one zone for the max time before runoff will occur, then it will switch to the next zone and water for the same amount of time etc until it has watered all the zones on the schedule. Once that is done if at least 30 minutes have elapsed since watering the first zone it will start the cycle over and repeat the cycle until the full run time for each zone is reached. Again, just make sure you don’t have any emitter zones on the same schedule as that will disable smart cycle for all zones on the schedule.
Also, its recommended that you do deep waterings infrequently to aid with root development and make the grass more drought tolerant. So one deep watering once a week should be better for the health of the grass than 4 short waterings during the week. Now you just need to make sure you have the correct settings for your zone to make sure the controller’s calculations are correct.