How does the evaluation criteria - on the time dependent workflow action work in Salesforce?

Hi Yogesh,

Time-dependent actions are executed at a specific time, such as 10 days before a record’s close date. When that specific time passes, the workflow rule re-evaluates the record to make sure that it still meets the rule criteria. If the record does, the workflow rule executes those actions.

For more detail, you can also refer https://help.salesforce.com/articleView?id=workflow_time_dependent.htm&type=5