yes the on and off cycles can kill pumps if ur doing it a lot.
Each time u wake up a PC, the pump is overvolted for a brief moment, and then volted down.
Repeat that over many times, and the pump is bound to fail from shorts from being over volted like that.
Also I would say it really depends on the pump as well.
If were talking a D5, then I don't think you'll have any problems with sleep.
The D5 was designed to be run at 12-24V, which means on a 12V rail, its not going to exceed the voltage.
However on something smaller like a DDC, those were designed to be run on 12V.
Over time with constant on and off's, they will fail.
I have seen a couple fail, and even lost 1 on a system which was built to sleep.