No, it doesn't run as soon as the previous task ends. It runs at the next scheduled time. So in my example above, if your task runs at 12:00:00 and doesn't finish until 12:01:30, the next scheduled time is 12:02:00, so that's when it'll run next. I'm not sure how far back in versions this goes, but you might be able to change that behavior so it's more like what you're expecting.
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