I am not sure if I did this rule correctly. This is a redo rule from RM2 to RM4. I have selected to log all the Events, Triggers and Actions but I am not seeing anything in the logs. I also can't see anything showing when the Mode changed to try and determine if any part of the rule is working. However, the rule is not setting my Ecobee to 24 in the morning.
Yes, unless you are going to run its actions from a different rule, or from the UI.
Old RM had triggers too, but for a Rule they were implicit and sort of hidden in the Conditions. If you had a condition of "Motion Active", that actually created a trigger of "Motion Changed". For the rule you showed above, those conditions in old RM would have created the two Certain Time triggers and one at 6:30, and one for midnight each day, and one for every mode change. That rule would have been evaluated at each of those times.
Your new rule will only be evaluated at 4:40 and at 7:00, so its more efficient and gets the same thing done.