The benefits of live plants are many. Since Ammonia, Nitrite, and Nitrate are among the nutrients that plants use, they help the beneficial bacteria keep levels in check and if something happens to your beneficial bacteria there is a buffer present to minimize the problem. When taken care of properly live plants look much nicer than the nicest fake plants. The fish in planted aquariums tend to have a lot less issues with disease, tend to be less stressed, and breed more readily.
Unfortunately stock lighting severely limits your plant choices. You'll probably only be able to grow very low light plants like Anubias, Java Fern and Java Moss.
The light should only be on for 8-12 hours per day. Like most living things they need time to rest. Closer to 12 hours when growing out plants and closer to 8 hours when maintaining them or fighting algae.
For a very low light aquarium you would likely only need to dose Potassium and Trace ferts after your water change as the rest of the nutrients should be in sufficient supply from the fish waste and tap water. As light levels increase you need to start dosing Phosphate and Nitrate as well, and at the highest levels CO2 injection becomes a requirement instead of just optional.
I find that plants are very easy once you get the hang of it and the aquarium is established. With experiance determining deficiencies and diagnosing algae problems become second nature and you simply adjust your care as needed.
