i think parenting is actually alright if you don't need to sleep. i have a pet theory that my son inherited my ability to get by on very little sleep and it can be pretty aggravating at times!
some hobbies are definitely no longer possible so if you are thinking of starting a family but consider the annual pilgrimage to tomorrowland or ultra (and all the trips ahem that go with it) mandatory then obviously, think twice. those i know who continue to do things like these with children clearly have someone to offload their parenting duties to- and that is something that you have to discuss with your partner before you move forward on such a huge event in your life.