You can specify that a particular action only runs during specific time of day or day of week by creating schedules and assign them to actions. These schedules are similar to the ones that can be applied to tests as described in Custom Schedules. This feature allows you to have different escalation paths during the normal hours vs. the evenings and holidays as an example.
Creating a Schedule
These schedules are displayed in the user's configured timezone (set in Administration > Preferences).
After you create a schedule, you can select it from the drop down list for each sub-action on the Create Action Profile page.