LM555: Asking for the LM555 schematic review.

SHH,

Correct, 1.3Hz with 40% low duty cycle. Output high for 0.46s  and low for 0.30s

As always, at the first power on will have timing capacitor start at 0V so first high time will be 1.1*300k*2.2uF =  0.726 s

After that it will follow t2 low time and t1 high time.