Technically it might as it is not using up the battery cycle.
But in the bigger scheme of things, it probably won't matter much. In the morning when you turn on the phone, it will work extra hard to deliver all the queued notifications. Also, phones usually download and update apps at night, and some apps download their contents at night (eg. podcast downloads), so you might miss on those functionalities.
It's the same debate on desktop PCs way back when. Will you save power if you shut down and turn off your PC every night vs leaving it on sleep/stand-by? The argument is that the power surge required when turning the PC back on in the morning offset the power savings.
In practice, if you don't use a lot of apps that utilize background refreshes/notifications, you will probably end up with a net positive. But will it worth the hassle? That's up to you. Today's phones can actually take a few minutes to fully boot up. It might be inconvenient having to wait for your phone to boot up every morning.