i think that it all depends on how much sleep you usually get (eg. when you have to wake up to go to school). for me my parents always tell me to go to bed every night when i'm on the computer but 95% of the time they don't actually make me go to bed. i know everyones sleep experience is a little different but for me i have to either get 2 hours of sleep or 8+ hours of sleep to feel rested every night. any more than 2 or less than 8 and i feel very groggy and tired the entire day. sadly though i usually make the bad decision to stay up late and i end up being extremely tired the next morning.
if you get up at 7-ish each morning that can be pretty bad for your sleep experience if you're going to bed at 2 AM and getting around 5 hours.
i disagree with them that letting your children stay up longer is bad parenting. my parents are practically the best parents in the world and they usually let me stay up as long as I want; now they don't like it when i stay up late but they know I am responsible for my own decisions and that if they try to baby me it will only create bitterness in the family.
regardless, your parents want you to go to bed at those times because they love you and they want the best for you. it is right to obey them.
Yes, it's been a habit of mine because I stay up late and I'm tired all the time and get sick often. So don't do it.
also this, what biostorm said. not getting enough sleep is damaging for your body as your physical appearance becomes a bit distraught, and, if you repeatedly dont get enough sleep, your appearance will age faster. your immune system also weakens as well, so you get sick more often, and your brain is put under more stress which makes you more prone to headaches.