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You're probably right.
Let's say you process all your financial transactions 3 times per year.

Project: Make all the money stuff tidy (repeat every 4 mos)
- Task: download copies of all bank statements
- Task: reconcile checking account
- Task: count all the change in my coin jar

Each time you complete the project, you will get a fresh copy of the project, with a fresh copy of all the actions. No need to make the individual tasks repeat.

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[I think the above is your answer, but for completeness...]

Instead of wanting to get all of these done every 4 months, you simply mean to do each of them 3 times per year, but they're more independent.

Project: Make all the money stuff tidy* (No repeats)
- Task: download copies of all bank statements (repeat every 4 mos)
- Task: reconcile checking account (repeat every 4 mos)
- Task: count all the change in my coin jar (repeat every 4 mos)


*In this scenario, you'd probably want to make this a 'single action list' (rather than parallel or sequential) because you'll never complete the project itself, just the actions in it.

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It IS possible to have both the project and its actions repeat, but I can't think of a real world example of when that might be the behavior you'd want.

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Have I helped, or just confused you further? :)