No, this does not determine whether your scheduled search runs in realtime. Per the saved searches.conf.spec:
realtime_schedule = [0|1]
* Controls the way the scheduler computes the next execution time of a scheduled search.
* If this value is set to 1, the scheduler bases its determination of the next scheduled search
execution time on the current time.
* If this value is set to 0, the scheduler bases its determination of the next scheduled search
on the last search execution time. This is called continuous scheduling.
** If set to 1, the scheduler might skip some execution periods to make sure that the scheduler
is executing the searches running over the most recent time range.
If set to 0, the scheduler never skips scheduled execution periods. However, the execution
of the saved search might fall behind depending on the scheduler's load. Use continuous
scheduling whenever you enable the summary index option.**
* The scheduler tries to execute searches that have realtime_schedule set to 1 before it
executes searches that have continuous scheduling (realtime_schedule = 0).
* Defaults to 1
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