While searching for a solution to an external hard drive's LED continuing to blink after shutting down the system, I came across the 'ErP Enabled' setting in my BIOS.
I've set ErP to "Enabled (S4+S5)" with the available options being disabled, S4+S5 and S5. Everything seems to be working fine and the external hard drive's LED no longer blinks after shutting down the system.
So I can't help but wonder: Is there any reason not to enable ErP on a capable system that does not need to power USB devices while it is powered off?