I usually leave my home server on 24/7... (duh right?)
But my gaming, I like to turn that off when I'm not home, or at night.
I also find that when you hibernate or standby, it defeats the purpose of leaving it on
And yes, if you're using Windows it will slow down because Windows is clogged with stupid junk that expands in your memory banks over time, (hence why my server runs Linux)
If it concerns you, I would assume it to be safe leaving it on during the day, and turning it off at night