I imagine however that if you were fighting bandits on a hostile atmosphere world, got down to 1 hp, and were outside when the daily timer hit at 17:00, you could still be knocked unconscious if you weren't wearing proper protective gear.
It isn't disabled (At least it wasn't a short time ago). It's one of the main reasons I don't bother with doors when at 1 HP. Couldn't imagine needing to have someone come on my ship to revive me and walk off with everything in it.