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As you have described about frequency capping it is correct, if I will talk about its standard number, there is no any standard its depend on your interest how you want to manage your ads and how much you are getting conversion. So you can change this time to time and when you see it is good for your goal, you can fix that number.

In frequency capping, we can cap our ads for controlling impression, we can fix a limit how much time ads can show for a particular user or unique user.

Frequency is the average number of times a unique user sees your ad in a position of "1" over a given time period. Use frequency capping to help control the maximum number of times that you'd like each person to see your ad on the Display Network.
When you turn on frequency capping for a campaign, you set a limit for the number of impressions you will allow an individual user to have per day, per week, or per month.

Thankyou for sharing this useful information!