Like asking if you should switch your hi-fi off or not. Loads of opinions!
Depends what you mean by a 'while'
I'd say rust on the wire would probably cause more of an issue over a long period than anything else..
If I didn't plan to use a welder for a month or more and it had steel wire fitted id wind the wire back onto the drum so it's not sat in the liner. Then drop a couple of silica jels on it and wrap it up or take it off and store it somewhere dry.
I've never slackened mine off. It has periods of not being used but never had any issues. It's a Sealey (not noted for the best of wire feeds) and 20+ years old.
Never taken the tension off any of the migs I've had...if its known that it's not going to be used for a good while I generally take the wire out anyway to store it and prevent rust