Perhaps surprisingly, it has rarely come up. I have a vague memory of someone asking once some years ago, but that about it.
Anyway, to answer your question:
Keep Drive Spinning is unlikely to have any noticeable difference on the lifespan of a hard disk drive (the kind that has spinning magnetic platters inside). Hard drive manufacturers don't publish information on this (or at least, not anywhere that I found), but generally speaking the lifespan of an HDD isn't materially affected by how much active use it gets. The main reason external HDDs spin down into low power mode is to save electricity, not to extend drive lifespan.
Keep Drive Spinning should not, however, be used on solid state drives (a.k.a. flash drives). The lifespan of an SSD is materially affected by how much active use it gets. Of course, there's no point in using Keep Drive Spinning on an SSD to being with, since SSDs never have any noticeable delay performing read or write operations.