WordPress daily cron is executing more frequently than once a day

I have a wp cron job scheduled based on what’s in the options. In this case its schedule daily.

add_action('init', function(){
  if( !wp_next_scheduled('product_posting_cron') ){
    wp_schedule_event(time() + 700, 'timely', 'product_posting_cron' );
  }
});


add_filter( 'cron_schedules', function( $schedules ) {
  global $frequency;
  $interval = $frequency['interval']; //daily
  $display = $frequency['display'];

  $schedules['timely'] = array(
   'interval' => $interval,
   'display' => $display
  );
});

enter image description here

But I don’t know why its executing more than once a day depending on the number of times I access a page in the site. Did I miss something here?

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