Criminy. Of course it isn't. It's a storage device for HOT WATER.
I have an experiment you can try. Unplug your hot water heater. See how long the hot water lasts. (For me, it remains hot enough to shower for TWO DAYS.) That suggests, to ignorant me, that one does not need to heat the water in it at a moment's notice, but it can be deferred to the cheaper times of the day.
Furthermore, water doesn't have to be heated to a precise temperature. The temp of your shower is controlled by mixing it with cold water. Hence, one can heat the water to a much higher temp when electricity is cheap, further extending the "battery" effect of storing hot water.