A statement is true under a particular interpretation, i.e. under one row in the truth table. Truth is only defined relative to interpretations (which, in the case of propositional logic, are the assignment functions/valuation functions, where each row in the truth table stands for one assignment). Whenever you are talking about truth, you are talking about one row in the truth table.
Think of interpretations as situations. You already observed that sometimes the atomic statement $Q$ is true, and sometimes $Q$ is false -- its truth value changes depending on the situation. It's just the same for the implication $P \to Q$, whose truth value is determined by the changing truth values of $P$ and $Q$. When it's Christmas and it's Wednesday, this is a situation depicted by first row in the table, and the implication is true in that situation. When it's Christmas day and it's Monday, this corresponds to the second row in the truth table, and the implication is false in that situation. And of course there are also situations where it's not Christmas at all and the implication is true no matter what weekday it is, which is captured by the last two rows of the truth table. So sometimes $P \to Q$ is true and sometimes it's false, depending on which interpretation (row in the truth table) you are talking about.
A different question is whether a statement is valid (tautological), i.e. always true, independently of a particular interpretation. A statement is valid iff it is true under all possible interpretations -- that is, iff it has $1$ in all rows of the truth table. An implication is valid if whenever $P$ is true, $Q$ is true as well. So in order for the implication $P \to Q$ to be valid, we'd need to have that whenever it's Christmas, it's Wednesday. This is not the case with your example: There are situations where $P$ is true but $Q$ is false -- namely those situations where it's Christmas but not Wednesday --, and therefore, the implication $P \to Q$ is not valid.
So the answer to your question is: Sometimes $P \to Q$ is true and sometimes it's false, just like $P$ and $Q$ are sometimes true and sometimes false, depending on which interpretation (~= situation = assignment = row in the truth table) you are talking about. $P \to Q$ is not valid, since there are interpretations where it is false.