If it goes off and on then the temperature will drop during the off times at a rate dependent on how well insulated the house is. During that time the heat loss will reduce as the temperature difference between inside and outside reduces.
This lower rate of loss means you will be paying less, since, were the temperature kept at max, you would be using energy to keep it topped up for the whole period. Whether it is significant I do not know.
When the timer turns it back on it will use energy to raise the temperature back up again, but obviously not as much as keeping it high would have done.
Basically you get what you pay for. If you are happy with the reduced temperature at some times of the day, then put it on a timer and you'll pay less. If you want to know it's always warm, keep it on permanently during the colder months.
I suspect the efficiency of the system remains the same throughout.