My question is, can I disable the Backup Copy job and have it still run from the Backup job that I have linked?
Secondly, does this mean it will only run monthly? (see screenshot)

When I hit Finish it then says <continuous> under NEXT RUN, which makes me a little concerned that it will run constantly, which is not what I want to see. I expect it to say "1st July 2016" or something that indicates that it understands it will only run on a given day at a given time each month.