When an immersion heater is switched on it heats the water till it reaches a certain temperature.
If it has good lagging it should stay near that temperature and only fall very slowly, maybe by a couple of degrees.
Even after the tempeature has dropped by this couple of degrees it would still be very hot.
If you left the heater on all the time it would continually be heating the water up to that top temperature, which would be a waste of money as the temperature would already be quite high.
To save money, make sure it is well lagged, and maybe drop the thermostat by a couple of degrees so it does not heat the water quite so hot.