Cutting ads overnight and pushing budget into business hours is old advice, and with Target CPA or Maximize Conversions I'm not sure it holds anymore. Smart Bidding already uses time of day as an auction signal, so a hard schedule can block conversions the bidder would have bought at a fair price. Say a dental clinic only runs ads from 8 to 6, but a chunk of its form fills come from people searching at 9pm after a toothache. The schedule kills that volume, and the bidder never learns it was there.
I'd still use schedules when the business can't actually take the lead, like a call-only line that's closed, or when the budget runs dry by noon and gets spent on the weakest hours. Before restricting anything, compare conversion rate by hour. If the late-night rate is near zero, cut it. If it's just expensive, let the bidder handle it.