Is this script for automating light sources depending on TimeOfDay efficient?

(Written for v2 of your script)

Good job upgrading your script; there is still room for improvement.

First, I will assume tha tyou want to find all LightSources in the entire workspace. To do this, you use a recursive function -- that is, a function that calls itself. You can do this to look through all objects in the workspace.

local Table_LightSources = {}
function FindLights(where)
    for _, child in pairs(where:GetChildren()) do
        if child.Name == "LightSource" then
            table.insert(Table_LightSources, child)
        else
            FindLights(child)
        end
    end
end
FindLights(workspace)

(With that, you no longer need Workspace_LightSources.)

Now, say that you wanted to only look at a maximum depth of 3. That is, you'd be willing to look at workspace.Object1.Object2.Object3, but not workspace.Object1.Object2.Object3.Object4. Simply add a "depthLeft" variable:

local Table_LightSources = {}
function FindLights(where, depthLeft)
    for _, child in pairs(where:GetChildren()) do
        if child.Name == "LightSource" then
            table.insert(Table_LightSources, child)
        elseif depthLeft > 0 then --only recurse if we have depth left
            FindLights(child, depthLeft - 1)
        end
    end
end
FindLights(workspace, 3)

Next, notice how your LightChange function is mostly identical code put twice? You can do this instead:

function LightChange(Status)
    local Material = Status and Enabled_Material or Disabled_Material
    for _,a in ipairs (Table_LightSources) do
        a.Material = Material
        for _, b in ipairs(a:GetChildren()) --you don't need the LightChildren variable
            if b.ClassName == "PointLight" or b.ClassName == "SpotLight" or b.ClassName == "SurfaceLight" then --NOTE: You MUST repeat "b.ClassName" each time or else you're just saying "if ClassName is a PointLight or if the string 'SpotLight' is not false/nil or if the string 'SurfaceLight' is not false/nil".
                b.Enabled = Status --since Status is true/false already, we can use that here
            --NOTE: "else return" removed, or else the moment you have a non-point-light child of a LightSource, your script will stop updating all the other LightSources.
            end
        end
    end
end

Be sure to read the comments I added.

In lua, everything evaluates to true unless it is false or nil. Thus, if Status == true then is redundant in this case; you could simply put if Status then.

Status and Enabled_Material or Disabled_Material is sort of like a special if. The syntax is "expression and valueIfExpressionIsTrue or valueIfExpressionIsFalse", but valueIfExpressionIsTrue must not be false or nil, or else valueIfExpressionIsFalse will be chosen instead. Since Enabled_Material is clearly not false/nil, it is safe to use this. A similar syntax is value = value or default, useful when accepting optional arguments in functions. Like the "and or" one, if 'value' is false/nil, 'default' will be chosen.

If you didn't want to use the "and or" method, here's the equivalent if:

    local Material
    if Status then
        Material = Enabled_Material
    else
        Material = Disabled_Material
    end

Now there is one last thing I can see: you run LightChange every 0.1 seconds regardless of if you need to or not. You need to have a boolean flag (variable) somewhere that keeps track of the last value you sent to LightChange. You can either do this in the LightChange function (so it will be responsible for not changing the lights a 2nd time unnecessarily), or put the responsibility in the while true do loop. One advantage of putting it in the function is that if you started using the function elsewhere in the script, you wouldn't have to consider variables from the while true do loop, simplifying the code. Here's the required addition:

local LastStatus --starting value of nil will work because LightChange is never called with nil
function LightChange(Status)
    if LastStatus == Status then return end
    LastStatus = Status
    local Material = Status and Enabled_Material or Disabled_Material
    --etc
end

A stylistic note: you've been capitalizing variable names in a fashion I haven't seen before. It's your choice, of course, but it's not a bad idea to use a more common style; usually variables do not have their first letter capitalized (unless it's a property, like "brick.BrickColor" -- BrickColor is capitalized, but it is a property, not a variable, though on the surface it acts the same way. A property is something that, when you retrieve or assign the value, runs a custom function. This is why, when you assign a brick's Position, its CFrame changes automatically as well -- the property is set up to keep them consistent.) You may wish to consider variable_name or variableName.