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Maybe. There are too many variables. Lag your tank well. If you search your question on Google you will see every possible answer. The only way is to monitor your own electric meter whilst performing varied experiments at different times of year. Average a week of always on and a week of on when you need it. Set a timer for the E7 and see if that makes a difference.

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Q: Is it cheaper to turn the immersion heater on and off or to leave it on all the time if you have economy 7 electricity 3 till 7 in the morning and 1.30 till 4.30 in the afternoon?
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In the UK can you change an economy 7 immersion timer?

Your economy-7 timing for the supply to your property is controlled by the meter setting. You have no access to it, it's set by the supply company. But anything on a time-switch that's inside your house can be readjusted. So my official economy-7 period is midnight to 7 am. My immersion heater is controlled by my time-switch and I can set it as I wish. Economy-7 in the UK means you get a reduced tariff for a 7-hour period each day, usually in the night, when the per-unit cost is about half its normal price or less.