There's a lot of opinions on this, you're right, and not a conclusive study that I can find.
I can provide you only with my opinions and anecdotal evidence.
To be upfront, my general preference is to keep drives (and my computers, for that matter) running 24/7. I'll try to voice the following in a fairly unbiased way, but I'm not trying to hide that I do have a rather strong personal opinion on the subject.
There's also a ton of factors.
- what is the drive designed for? Does the manufacturer state it's designed for 24/7 operation like most NAS, CCTV and enterprise drives? Or is a drive designed to see periodic usage, like "green" drives? I'd be a lot less inclined to power off the former, than the latter category.
- how long will it be powered down for? If it's not going to be spun-down for hours before needing to spin up again, I wouldn't do it. For a lot of reasons.
--Electromigration- simple explanation, current flow through semiconductors causes erosion. The rate of this, rises exponentially with the amount of current flow. Spinning up a drive is when they draw the most current. The amount of electrromigration that occurs from a single spin-up may be equivalent to the same drive remaining powered-up for several hours.
--Thermal cycling. It's bad for electronics. Electronic devices are made out of lots of different materials- silicon, copper, gold, silver, almun(i)um, fiberglass, rubber, etc. All these different materials expand and contract at different rates as they heat up and cool down. As they're doing so, it puts mechanical stresses on parts that really shouldn't have mechanical stresses... such as rigid silicon dies, or drive platters, or drive read/write heads. I'd much rather get devices to operating temps, and let them maintain those temps, instead of letting them cycle between operating temp and ambient.*
* as I alluded to in my previous comment, this wouldn't apply for an external drive in an unventilated enclosure. In that scenario, I'd rather thermal cycle it than risk overheating due to nonexistent airflow.
-Counter-argument to power savings: It's negligible per drive. Even my highest-power-consuming 7200RPM drives are rated at 6.9W idle (HGST 7K4000 series). With my local electricity rates, that's around 50 cents per month per drive. That's the most extreme example: a drive that's powered on but not accessed for an entire month. More realistically, the drive is going to be used sometime during that month, meaning real-world power savings would be much less.
--If you're running for home or small business usage, the electricity cost probably shouldn't be a factor. You will hit some point (50 drives? 100 drives?) where it can be a big factor.
--further, this time of year I really don't care. It's winter. Electronics are really good at providing almost total conversion of consumed electricity into heat. Every penny spent on powering my toys is a penny less spent on my also-electric heat. (of course, during the summer the opposite is true: every penny spent on electronics is two or more pennies spent on cooling...)
I'm sure some people can provide other considerations.
Use cases where I would (consider) spinning down drives:
-- unventilated external enclosures. If someone held a gun to my head and forced me to use one, I would allow it to spin down. Call me crazy, but I'd be much more likely to just power off/disconnect it when I wasn't using it.
-- a backup server that I pushed backups to once per day, and only once per day. Sure, if it's gonna spend 20+ hours idle at a stretch, I'd have no qualms about it.
But, bare minimum, I'd want a drive to remain unused for at least an hour after spinning down before requiring it to spin up again. Can you predict that in your use case? Because inactivity timer cannot. They just know how long it's been since the last time the drive was accessed, they have no clue at all how long it will be until the next time the drive will be accessed. Meaning, if you have a server you're pushing backup to only once per day, and you know that it will only be accessed once per day, you may as well set the inactivity timer to a very small value. Once that backup is done, spin-down immediately. If you don't have predictable usage patterns however, then it becomes very likely that a drive will need to be accessed shortly after being spun down.
Back to anecdotal evidence, I have numerous drives that are 10+ years old with 90 thousand or more power-on hours. But, I also recognize that some people have had the exact same model drive die within months.
A lot of it's a lottery. You may get a great drive that lasts decades even if you don't try to take care of it, and you may get a crap drive that fails soon no matter how much you try to take care of it.
I ramble too much. Probably because there's no definitive answer.