As someone who has suffered with depression and massive panic anxiety disorder, I can absolute say that, yes, being sleep deprived actually helped a lot. A tired mind has no energy to wander.
It's not the same. Bipolar folks get a mood lift from sleep deprivation. We actually feel less tired. The only way I know I should be more tired is that my legs feel it, even as my brain is racing.
But then, the elevated mood begets more sleep deprivation and soon you're euphoric, reckless and finally manic as hell.
In a way, bipolar mania is like being addicted to yourself.
(In no way am I recommending this though)