The Short Version
The claim is mostly true. Peer-reviewed research confirms that a single night of only 3–4 hours of sleep causes measurable detrimental effects, including impaired cognitive performance, increased sleepiness, mood disturbances, elevated stress hormones, and reduced physical performance. However, these effects are generally acute and reversible with recovery sleep — not equivalent to the chronic disease risks (cardiovascular, metabolic) associated with sustained sleep deprivation. Individual vulnerability also varies significantly.