It's good airmanship to plan your pattern by allowing the aircraft to descend in the turns. A little practice will help immeasurably. Benefits to the tighter pattern include less noise, ability to spot traffic sooner, and increased likelihood of making it to the airport if an engine quits. I'm showing age here, but the issue of engine failures was always a topic during my training. Adding power means that you didn't plan it just right.
All engines respond well to a gentle touch, particularly when power reduction is needed.
It keeps the temperature changes more gradual. I try to arrive in the VFR pattern at reduced power, on speed, and then fly it tight, traffic permitting. There is a real sense of satisfaction when one masters the art of the quiet, precise arrival. Windy days require more thought, as does heavy traffic. Good players can pull it off.