The term Gate Valve was used. This hose bibb isn't a gate valve. It's a "Compression Valve". (Compression as in how it works, not how it's connected to the pipe)
There is no harm in leaving a compression valve open all the time- partially or fully. And, they are very easy to rebuild without removing the faucet body. I suppose at worst, the packing could dry out from lack of use.
A gate valve has a disc that rises and falls into a slot. Yours does not have that. Those can be damaged by minerals when leaving them partly open for long periods.