In this particular case, I don't think there's a huge shift to the balance. Most events are already around 4 hours to begin with. The Laboratory would probably need to be limited to 4 actions though, to better represent the passage of time for looking around and making chemicals.
You're still right the, on its own it doesn't introduce content. On the other hand, Momo's farm might be closed down at night. Maybe you'll sneak in and surprise her at night for a new event. Perhaps there's a group of bandits who only roam at night to avoid the more bloated ones who would relentlessly blow you up without negotiation. Maybe the market you can access changes based on daytime/nighttime hours? Lots of potential gets opened up by having time-based events.
It's not that the early game isn't enjoyable, it's just that getting a lot of progress is extremely difficult. Especially if you still want to keep yourself fully infected for not dealing with food. And with how some success rates are calculated, the difficulty tends to ramp a little quickly.