So, not as wavy as one would expect.
It can depend... what you say may be true in this instance though sometimes a higher proportion of away based flights can result in greater peaks and troughs - look at Wizz Air at LTN for instance. At least based aircraft tend to frequent at various points throughout the day... though equally can be quite extreme waves with quieter periods in between and of course tends to result in the existence of a "first wave".
It all depends though on so many variables such as aircraft turnarounds, route/sector length, time zones, asset utilization and the airlines business model to some degree - It's swings and roundabouts. I wouldn't say the ratio of based vs non-based aircraft necessarily equates to peaks and troughs in the way you might expect.