There is no reason a camera cannot be on all the time… Why couldn’t it?
Sensor wear, mechanical parts (if any), heat, etc. Essentially wear and tear. Just like nothing lasts forever, using it in a way that it’s not intended/tested/quality assured, may reduce its lifespan.
Basically: "is the device intended to be on and recording 24/7?"
yes: good, the device should last and perform for its purpose