You don't have a "Wait," you have a "Delayed Action." (I'm sure you were just using generic terminology, but they are different in Rule Machine.) You set "Cancel" on it, but that does nothing without a "Cancel Delayed Actions" action. The above posts provide some solutions. The docs contain a motion lighting example that does the basics of what you want, sans the conditions, which you could add in as suggested. I'd highly recommend reading the docs before you dive into Rule Machine. If you've previously used Rule 3.0, something like your rule above could have worked there (the "Actions" sections were a bit different), but the 4.0 docs explain this difference.
Now, time to ask what I always ask. 
Is there a reason you're not using Motion Lighting instead? You'd need two apps (one for the weekdays and one for the weekends) if you keep the automation time-based like this. That is not a problem. If you did want to consolidate it into one, you could consider using mode instead of time (if you're not already using that for anything else; you could also use mode in other automations and change things globally manually or automatically when needed instead of specifying time in each rule). Rule Machine would work too; it's just a lot more work to set up and more prone to errors (like above) sine you have to think about the whole thing from scratch.
Good luck no matter which you choose!
