That won't hurt anything chemically, but it shouldn't be necessary.
If you set the SWG to maintain above the minimum FC for your CYA, you won't get algae. A once-a-week "shock will never be necessary. But if you're running the SWG too little and letting the FC dip below minimum and using bleach to compensate, then it needs to be daily, not weekly.
People have crunched numbers and over the life of the cell, bleach versus SWG works out to about the same cost. Bleach is a little at a time whereas the SWG is one big expense at the beginning. You aren't really saving any money. But if you let the FC dip too low regularly, you're taking a huge gamble. The cost to clear a green pool will negate any savings.