You will find, if you google, a few different views on this. I think they probably apply to many digital items with a motor. here is one who has the experience: (Quote)
Steve Gibson, author of SpinRite, a venerable and
highly-regarded hard drive maintenance program.
"Cycling the drive [turning it off and on] is
definitely worse for it…Almost everyone's
experience [with hard drive crashes is] that they
turn on a computer that was working perfectly the
last time it was in use [and it doesn't work
anymore]."
P.S. Came back to add:
It may depend on the users life expectancy for the computer and/or HD. Like many users, over many years, since desktops were first introduced, I have changed both many times, usually for the purposes of updating and buying a new computer. I have never yet had an HD wear out, but will, obviously, admit to the possibility. Only a guess, but I would say my current external is my oldest HD - about five years. Runs from morning to night, every single day. I have my Email linked to this external, together with other automatic routine tasks.
It has been my practice, since Windows 8, to have the hd to never sleep.