It is currently possible to schedule an update or deployment to a production environment without the need for any approvals, as long as the user has permissions to do so.

However, in some cases, even with permissions, these actions can create unintended environment outages, and should have multiple layers of approval to schedule a deployment.

As an example, if the wrong date or time is entered, the environment could go down during a critical business process. Having one or more approvers confirm the scheduling details could mitigate this risk. There is already a precident for this type of functionality, with the recently released Custom X++ scripts released in update 10.0.25 - Run custom X++ scripts with zero downtime - Finance & Operations | Dynamics 365 | Microsoft Docs