Wave action may calm down at night, but that doesn't really mean less current. IMO, there's more potential for bad than good. For coral specifically, flow is critical for respiration, and that activity peaks at night. Cutting the flow is like cutting their air supply.
As for fish, even in the highest powered tanks, there will be plenty of low flow nooks and crannies for them to seek shelter in.
IMO night settings are a gimmick based on a misconception that because there may be less waves, there is less current/flow.