Pausing ads at 2am and pushing bids up at lunch is an old habit from manual CPC days, and with tCPA or Maximize Conversions I'm not convinced it still helps. The bidding model already factors in hour and device when it prices each auction, so a hard ad schedule mostly just removes volume you could have bought at a fair price.
It still makes sense when the business can't actually serve the lead. A call-only offer with the phone answered 9 to 6, or a store that closes at 8, is the obvious case. Those clicks are real waste, not just cheap-looking ones.
For everything else, I'd leave the schedule open and judge it by conversion rate and cost per conversion by hour after a few weeks, not one afternoon. Has anyone seen a schedule clearly beat the algorithm on a pure lead-gen account? My guess is it's rare.