Yes, that's the daemon. It runs every 5 minutes and does several things. Updates any configuration changes, client bandwidth updates, etc. You could change it to 10 minutes, but the more time between runs means the longer it takes for these updates to occur. For example, new user hosting space activation, domain and sub domain creation, any changes to the vhost file.
It also activates any module hooks that may need to be run, like the one I have in the deleted records manager module that shortens the log database
It also activates any module hooks that may need to be run, like the one I have in the deleted records manager module that shortens the log database