Sleep isn't downtime — it's when memory consolidation, metabolic clearance in the brain, hormone regulation, and immune function happen. Short sleep is causally linked to impaired glucose handling, increased appetite (ghrelin up, leptin down), weakened immune response, and worse emotional regulation, with much of this demonstrated in controlled experiments rather than just correlations.
The most dangerous feature is that subjective impairment doesn't track objective impairment. After days of restricted sleep, people's performance keeps degrading while their self-rated sleepiness plateaus — they feel about as bad as they did on day two but perform far worse. This is why so many people believe they've adapted to six hours a night. They haven't adapted; they've just lost the ability to perceive the deficit, which is exactly what makes chronic short sleep so easy to sustain.