It is partially about time and temperature for the drive mechanics. The only practical effect of leaving it on is you may get to a failure sooner in time rather than later if the drive has a manufacturing issue. If the drive in the case is an "enterprise drive" or designed for server applications, then may take more abuse. If it is a desktop drive, then it was not intended to be on 24x7, per the manufacturers. Practically, i have only had a few drives fail in 25 years of computing. Those were drives that sat for a month or two between power on cycles. The drive electronics and mechanical parts should not have any issue with power on off every day. 10 years would be less than 4000 cycles.
From a practical standpoint, as long as the drive stays cool, it probably does not make a difference.
BTW, you should consider backing up at least every week, but it depends on what amount of work you are willing to lose.