Corals and plants only shut down photosynthesis in the absence of light. There is evidence out there that some plants grow 'better' with a 'rest period' ie of darkness. But as
@Lasse mentioned the last time this came up - there are lots of plants that don't get a rest period in Sweden in summer.
I used to do the alternate cycling - and despite the 'theory' behind it - I didn't see much difference. And - it certainly wasn't possible to get the exact correct amount of algae to mitigate the drop in pH when the lights in the tank were off - so there is still a swing. I was only saying (to me) - id rather have a higher overall pH - which is what you will have if you leave the refugium on 24/7 than care about the small swing.