New research is showing how the brain resets during sleep. Sleep is when the brain dumps lymph, which is how the body takes out the trash, so to speak. Some synapses also shrink substantially, which is apparently critical to the ability to learn new information and create new memories.
If you don't get adequate amounts of good quality sleep, your mind does not function as well. If you think sleep is a waste of time and reduces the amount of life you are experiencing, try keeping a dream journal or reading up on lucid dreaming. A lot goes on in the mind while you sleep. It can be a valuable part of your life experience, in addition to the critical role sleep places in health and welfare.