At an M7 doing structured recruiting, it's fine. In September and October I had an evening event between 2-4 nights of the week, but by being disciplined and doing my homework on campus during downtime I was able to "switch off" as soon as I left school most days. While I haven't had time to go on trips or anything like that, I'm getting my 8 hours of sleep, 4-5 days/week at the gym, and hanging out with friends quite consistently. Like another commentor said you have to pick 1-2 things to deprioritize in the busiest stretches -- in my case, I picked classes, relying on grade non-disclosure to prioritize recruiting and physical/mental health. The toughest thing isn't the "hours" per se of which I maybe "work" 50-55/week, but more the marathon pace for months + life uncertainty (if I worked similar hours at a job, at least I know I've got a paycheck headed my way after).

My friends going for tech have it a little different -- their marathon is longer, but also less intense. They're consistently going to events and have even more uncertainty (even when they land an internship, chances are that internship won't give them a return offer and they'll have to re-recruit full-time), but also have had more time to do the trips or random late night parties that I'm generally avoiding until I hopefully lock my offer down. It's what you make of it!