No, what is it?

It is just a wrapper for commands that you could run in the terminal.

It doesn’t do much besides running cron, clearing the cache, and deleting log files.

I would just run this in the terminal and reboot.
sudo periodic daily weekly monthly
The above takes a while to run.

Use OnyX

It’s free and it’s a great front-end for many goodies and utils in the Unix command structure which will help keep your Mac healthy.

It also has some GUI tweaks which are pretty cool!

It works for me. In all actuality it’s really just a UI for all those maintenance and clean-up scripts that reside on your Apple anyways.

It surely packs it all together very nicely tho.