If it is running at constant voltage, then you have had to have made a selection in the BIOS telling it to do so, and thereby disabling all power saving features And yes, the life of any electronic component is generally dependent on four things:
1. How long it has been running.
2. How many thermal cycles (on / off) it has experienced
3. What temps it runs at
4. Environment (temperature/ humidity / vibration)
The insulating value of the silicon between circuit traces diminishes according to each of the above to various extents, tho 3 is likely the one you have the most control over. As there is no gain associated with constant voltage in computer usage other than perhaps getting you a higher validated OC to post on the internet.
I am comfy with peak instantaneous voltages of 1.5 (an Intel Haswell CPU seeing 1.375 volts max for example will see a bump of up to 0.13 when AVX instructions are present) but that's only under stress testing.... typical workstation and gaming activities will have it far less and I certainly want it powering down to 0.8 Ghz (0.7 volts) when it's just sitting there doing nothing. More voltage means more heat (and more likelihood of crosstalk between circuit traces) and that will reduce the life of the CPU. In the case of a reduction from 10 years to 5 years, ya might not care.... but 24/7 at constant OC stable voltages is something few outside of the competitive overclocking arena will undertake.
CPU is 22nm I think i7 4770k
I've just reduced it to 1.195v seems to be stable so running a cpu like that at a constant voltage of 1.200 for example wouldn't damage it at all over time? I was hoping to keep this cpu for 2 years ish
At that speed / voltage there is no reason to fix a CPU at any voltage....Auto setting is recommended. Why would you not want it dropping below 1 volt when power is not needed ?