Going back many years to my days as a customer service bot for what was then British Gas the standard advice was that it would nearly always be more efficient, assuming the tank was well insulated, to have it on a timer but that it was worth experimenting for a couple of weeks leaving it on 24/7 to see for sure as every house/installation is a bit different.
So, take a meter reading today and another in a couple of weeks. The switch to 24/7 and take another reading in another couple of weeks.
Two weeks was deemed acceptable because it is long enough to see a difference but not so long that it will make more than 50p-£1 difference in the monthly bill.
Repeat if you feel necessary in winter.