The SEP client LU downloads are determined by both, potentially.
If you have an LU policy assigned that uses both the SEPM and Symantec LU, the client will try both sources for content. It will heartbeat to the SEPM and determine if it needs content, if so, it grabs it. If you're also using Symantec LU it will check that as well based on your schedule time.
Ideally, you only want to use one or the other. But it really depends on you.
Yes, Mon-Fri will be 2-3x content updates. Sat-Sun, usually once per day.