Yes. you have the capability to alternate theme tests on an hourly basis. However, the best practice is to set the time interval to a few hours, such as 2-3 hours instead of the time interval of every 24 hours.
For product tests, the time interval is set at 24 hours. This decision is informed by Shopify's handling of products, as they necessitate adjustments within the database. Frequent modifications can potentially lead to issues, particularly when testing prices.