Mine has been running as a HomeKit hub 24/7 for years now.
this post was submitted on 02 Nov 2023
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Mine always turned on, I just turn off TV. No problem for almost 2 years
I don't know if I've ever unplugged my Apple TV 4K. Maybe once or twice to clean or plug in something.
The sleep/standby mode is so low power that there's no reason to fully turn it off.