Allowing that there may be exceptions such as your own case (assuming you are properly assessing your situation), would you still agree that the generalization holds for the vast majority of cases?
Not at my university, but I wouldn't be surprised if it was somewhat true generally. I think a valid comparison might be between a hard sciences student at a top school who's also involved in a lot of extracurriculars and up at all hours just to stay on top of everything, and someone working on an early stage company where there's always something burning. The opposite end of that would be the investment banking intern spending 100+ hours a week at the office spinning their wheels or college student who does nothing all week and then stays up to make themselves feel better about failing the exam. That's sleep deprivation for the sake of appearances.