Setting your Archiver frequency to weekly is useful if you do not want your system to be running any unnecessary processes during the week when the system may be busy and leaving this for a day when there is a period of 'quiet time' for all other areas of the system.
A typical scenario would be to have all the archiving done in the early hours of Sunday morning, this allows the Archiver to work with minimal impact on users who won't be working that day. Note that many network administrators may use Sunday mornings to perform windows updates and other routine maintenance and so it may be worth confirming that there will be no disruptions to the archiving one it has begun. If for example there is some downtime before the scheduled archiving time - the SDL Archiver Service will simply begin the archiving process when back online.
A consideration of this method is that the batch size would typically be larger that if you were archiving daily/hourly to compensate for the other 6 days without archiving.