How the days in the series are counted?

Hello
Currently testing the plugin and I’m going to buy the Plus version. I mainly care about “Series: Drip-Feed Content”. In the description of the add-on there is information “Each day, a script checks if a user should gain access to any new content”. How it’s working?
For example, I want to grant access every day:
day 0 – post 1
day 1 – post 2
day 2 – post 3
e.t.c

If someone signs up at 14:30 and gets access, how are the next days counted?
Will access to “day 1” be granted at 00:01?
At another time?
After 24 hours from signing up?

If access is granted to one of the above examples, is it possible to change the time to a fixed one? e.g. on each new day access is granted at a specific time (5:00)