Cannot give you a definitive but have done a little testing and I'm confident that on an R500 that is correct. Scheduler turns the radios off.
R500 scheduled on and scheduled off power draw over POE.
Bear in mind no clients connecting to this AP
Spec sheet suggest 4W idle power on POE and I'm only seeing about 3W.
Also I cannot vouch for how good a Netgear GS752TP switch is as a Volt/Ammeter!
WLAN scheduled on
WLAn scheduled off
That slight drop in voltage was reproducible suggesting the WLAN schedule timer was kicking in and disabling something.
Notes: testing AP R500 in in my office.
The LEDs on the AP turn off when 2.4 and 5GHz are scheduled off - a minor visual clue.
They take about 10s to change state when Radios re-enabled.
A laptop nearby also confirms that the TEST wlan I'm using disappears and reappears depending on scheduler settings.
Power draw is very low and not all of that is broadcast as radio wave energy. The transformer and electronics are using some just to work.
I wouldn't worry if it was in my bedroom and scheduled off in the evening. I can probably stop using that tinfoil hat now, excellent.