Usually. Except if the 4 hours of sleep leads you to crash your car, or run into a pedestrian, or forget your child in a car.
In the usual case, a day of missed sleep is normally OK, but when you are responsible for other people (rather than just code quality/productivity), why risk it? And even in the general case...why risk it? It is far better to lead a normal lifestyle and be at peak performance in all parts of your responsibility.