I've no idea what's best. I am a one day feeder and sometimes add some extra food a second time.
I've read pros and cons for both. It seems that people tend to underfeed large fish in particular for one or another reason which leads to all sorts of issues. I think underfeeding is as bad as overfeeding. This is especially important for growing fish. Some take a year to grow to adults and one can stunt them with underfeeding. I've certainly stunted even young livebearers by feeding them just once a day.
I think that if one is underfeeding because of water quality then a bigger, less stocked tank, larger filtration, more water changes etc.. is in order. Personally I try to feed enough, overfilter my tanks and do large water changes and the shorter lived fish I've kept like guppies and platies seem to live full life spans of 4-5 years(guppies 4, platies 5) They pig themselves daily and have big trailing poops often so you'd think I've been overfeeding but my point is they live as long as they should. That's my base to determine if I've done something good or wrong. My other fish are all long lived and I would have yet to see in the future what I've done for them food and water quality wise.
Here are some issues that can be caused by underfeeding or feeding incorrect food.
Vitamin A – Eye problems, loss of appetite, impaired growth, intramuscle and fin-base haemorrhage (internal bleeding), anaemia, dropsy, weakened gills.
Vitamin B (complex) – Loss of appetite, poor growth, fragile blood vessels, poor growth, anaemia, muscular wasting, convulsions, loss of equilibrium, cloudy eyes, poor vision, over-pigmentation, gasping and flaring of gill covers.
Vitamin C – Loss of appetite, over-pigmentation, eye haemorrhage, deformed cartilage and spine (commonly seen as a zig-zag shape from the dorsal to tail-fin – a 'kink' in the tail), intramuscular haemorrhage, anaemia, fragile blood vessels.
Vitamin D – Poor growth.
Vitamin E – Muscular wasting and poor growth.
Biotin – Loss of appetite, poor growth, muscular wasting, convulsions, intestinal lesions and convulsions.
Choline – Poor growth, poor food conversion, fat collection in liver, kidney and liver haemorrhage.
Folic Acid – Poor growth, lethargy, fragile fins, over-pigmentation and anaemia.
Inositol – Poor growth, distended stomach (dropsy – collection of fluid in the body cavity), skin lesions and increased stomach emptying time.
Niacin – Loss of appetite, rectal lesion, muscle spasm, skin haemorrhage, skin lesion and anaemia.
If you read this paragraph below from seriouslyfish, it gives all sorts of reasons for fish not living a healthy style and not reaching full life spans:
"We’re not so sure, and reckon ‘big’ fishes are often exposed to conditions or practises that could be considered stressors, some of which may not be obvious initially. These include:
Hunger due to underfeeding, inappropriate feeding regime, competition via presence of dominant individuals, or insufficient knowledge on the part of the aquarist regarding nutritional requirements of juvenile ‘big’ fish.
Malnutrition. Such deficiences can arise even if the diet is well-balanced, especially in juveniles which naturally grow at a faster rate than adults. This is likely a major cause of stunting and associated skeletal deformities in aquarium ‘big’ fish, as is the use of ‘feeder’ goldfish in the diet of predatory species. We’ll be covering this in more detail later.
Fear and distress caused by presence of predatory or dominant fish, repeated handling, sudden changes in lighting, etc.
Poor water quality and environmental conditions; in particular low dissolved oxygen, inappropriate or fluctuating pH, inappropriate temperature and lack of diurnal rhythym, high levels of carbon dioxide, excessive suspended solids, and high levels of nitrogenous waste products such as ammonia and nitrite. Another principle reason for stunting and poor growth in these species under captive conditions.
Confinement stress and subsequent inability to swim in a natural fashion; this being especially acute in those ‘big’ fishes which are naturally migratory or move over long distances in nature. More on this in a future article.
Over-stocking and/or over-crowding.
Lack of environmental stimulation has not been well-studied in fishes but may be more significant than is traditionally accepted (Southgate, 2010), especially in those maintained in completely bare set-ups. "