Thanks David,
Yes, I was aware that all my commands were doing was updating the entry for the schedule in the Database and not actually running anything.
Am I right in assuming I could just run:
wp cron event schedule updraft_backup ‘+1hour’ daily
&
wp cron event schedule updraft_backup_database ‘+1hour’ daily
To setup the schedule of the files and DB for 1 hours time and then daily after?
Also how does this work in regards to the retention setting?