In my opinion, unless you are an amateur or Pro racer, shaving your whole leg is pointless. I used to shave around my kneecaps so if I dumped the wound 'might' heal faster. As I look back on my non-racing bike career, I have crashed maybe a dozen times in my 50 years of riding. Only once did I skin-up my knees. Mostly it was hip rash or elbow rash.

I stopped shaving my knees years ago though.

As a competitive swimmer, in both high school and college, shaving down was mandatory by my high school coach and only recommended by my college coach. I always "felt" as though I was going faster when shaved but my times didn't prove that out. I think it's more of a confidence booster than anything else.

In cycling though, if you are competing, shaved legs makes it much easier and more effective when messaging the legs, and yes, I do believe that wounds may heal faster without a bunch of hair on the wound area.