Oh yes it does!!
On my main account, (the one I log my finds on) I have my full quota of 5 PQ's a day which run every week. If I run the "my finds" query on that account, it will return all my finds and then reset, as Father Ted quite rightly said.
However, on my second account on which I have not logged any finds, the "my finds" query returns no finds and repeats every week, and it won't allow me to activate any more than 4 other queries for that day. As has been stated you cannot schedule it to run repeatedly, and it does not appear on the PQ list, but the system seems to think its there and won't reset it.
I guess it must be a bug in the code. I pressed the button thinking I was logged into the main account and it has run ever since.