@Joe White If you are using a normal for each loop, then it shouldn't be a problem since you are not fanning out and have only one orchestration running. You will have to check the frequency of the timer trigger though depending on your use case.
If you need only one orchestration (that the timer trigger starts) running at any time, then you might want to leverage the Singleton Orchestration Pattern. If you need to ensure an orchestration runs for each schedule, they might have to queue them up as well.
The settings that you have ensure that only one of each run at a time but your function app may scale out to multiple instances if each orchestration takes longer than the schedule between triggers.