Yeah, weekly. (Can confirm.)
I always felt like it sounded like it was saying "noooooooooooooooooooooooooooooon on a Tuesday" to me. Lunch time.
Also always felt like around noon on Tuesdays, we were completely vulnerable; if anything were to happen I would have heard the siren, and wandered outside looking for grub.
There is a subset of San Franciscans that do not hear the siren, too. On a pretty common basis we'd discover someone in the office who had "never heard the siren", somehow. I'm not exactly sure how. It's easily audible inside in the FiDi, and it was audible in the North Beach when I worked there.