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Yes, of course it does have that feature. It can be scheduled just like backups.

Panopticon simply offers a scheduling feature for backups and site scans. It does not provide the code to do that work on your site. The code is provided by Akeeba Backup Professional and Admin Tools Professional respectively, running on your site.

Think of Panopticon as the foreman. He doesn't do the work; he organises the workers who do the work. You need a foreman because without one the workers wouldn't know what to do and would just be sitting around drinking tea.

There are two features, one is in Admin Tools, the other is only in Panopticon.

The PHP File Scanner is an Admin Tools feature (documentation). It checks all PHP files under your site for changes and any suspicious patterns. Please do read its documentation. You can schedule it either directly on your site on in Panopticon, just like you do with backups.

The other feature is provided by Panopticon itself. It's called Core File Integrity. It only checks the core Joomla PHP files against an automatically generated list of the official files released by Joomla for the Joomla version your site is using. From a site's Site Information page click on Automations, Core File Integrity Check Schedules in the toolbar to set it up.

These features serve different purposes. The PHP File Change Scanner is there to detect any unexpected changes in your core Joomla and extension and any custom PHP files throughout your site. The downside is you have to run a scan before and after updating your site, then manually confirm that these changes were expected. The Core File Integrity only checks core Joomla files for changes. No, we cannot do the same for third party extensions; unlike Joomla, there is no fully standardised way for extension developers to ship their extensions, and we can't possibly have a (paid) subscription to every extension developer and write custom code to have the same level of information for their extensions.