Actually not being punished for not sleeping is one of the best features of the game for me. My favorite thing to do is to farm trees at night in the Black Forest and see how many grey dwarves come at once. My personal best so far is 17 grey dwarves at once.

Night time is for Serpent hunting, unless I'm land locked.

Yes, slight role play is pretty cozy in this game. I have a buddy that works through each night and it sounds exhausting (mainly due to the cold debuff)

I will sleep the night early game, until I get iron and then I go out serpent hunting.

Each biome I am pretty careful of until I gear up past it, then I am not too worried about night unless I just want the light to see for crops or building. Once I have my gear and skills up the only place I avoid at night is the plains. Oh I guess I won't mine at night either. For me it isn't for roleplay, just being practical/safe.

you actually can get a decent buff if you have your decorations and stuff in your house and sleep or rest for while. We use it for sleeping and to cancel some of the hordes that come

Sometimes I like to role play pulling an all nighter

The game feels unnatural if you don't sleep regularly, but since there is only the one of you, it can seem odd that you are able to sleep without getting your throat cut.

Each day i wake up I feel grateful for avoiding that. kinda.

The sleep cycle works well thanks to the rested buff. It's very much to your advantage to rest on a regular basis to get the extra health and stamina regen plus extra experience gain. And on the high end it last just long enough to get you through a full day cycle.
Furthermore cold slows you down, plus nastier stuff out at night.
The game encourages you to sleep at night in many ways.

Mostly sleep if I'm near enough to a bed. Else, I generally 'sneak'all night trying for deer.

I sometimes did a thing like that with Skyrim and Oblivion where I had rules against time-skipping and fast travelling, but I could still use sleep to pass time or hire a wagon to skip a journey.

But with Valheim I don't think I could begin to commit to sleeping every single night; certainly not while out on an expedition. I would need to greatly extend the day-night cycle to find that bearable and stopping to refresh the rested buff is already enough. It's just easier if I go with the belief that the afterlife prevents death by natural causes such as sleep deprivation or starvation.

I'll sleep if i'm on the server by myself, sometimes do a coordinated sleep if we are all around base. Otherwise I just do a sit in a finewood chair bathed in 17 comfort then do crafting prep work until dawn. Unless I want to go serpent hunting.