Punta Arenas makes more sense when it fits your onward route and you want city history, seafood or a slow day by the Strait.
When an extra night makes sense
You may already need to travel via Punta Arenas for a flight. In that case, spending a night turns a transfer into an experience: a waterfront walk, a good meal, a museum and a proper rest. The city offers port history and everyday life rather than another version of Torres del Paine. Some travellers happily spend two days here; others prefer to leave after one evening.
When to skip it
If your flight is from Puerto Natales and visiting Punta Arenas would require a long return trip, the extra transport may outweigh the benefit. The road between the two cities is roughly 250 km and a bus journey commonly takes around three hours one way; verify the actual timetable and airport connection for your date. If your remaining priority is more mountain scenery, allocate time accordingly rather than expecting the city to provide it.
Choose according to your energy
After a trek, a museum, food market, wine tasting or hands-on meal can feel like a holiday again. Wildlife outings are possible in season, but they may mean early starts, transfers and weather-dependent boats. You do not have to book an excursion to justify a night in Punta Arenas.
A simple decision test
Ask: am I already passing through, do I have a full free afternoon or morning, and do I want culture and food more than another long outdoor day? If the answer is yes, stay. If it adds a transport day and you are eager to rest in Natales, stay there instead. La Oveja's table is an option if cooking and local conversation suit the slower version of the trip.
Compare the actual door-to-door routes
Write down where your trek ends, where you sleep that night and which airport your next ticket uses. Puerto Natales has an airport as well as a bus terminal, while many itineraries connect through Punta Arenas. Look at the departure date rather than assuming a particular airport or bus will suit your flight. Include the final transfer to the airport and check-in time; a nominal three-hour intercity bus is not the complete journey.
What an extra evening buys you
One night is worthwhile if you can arrive with time for dinner and keep a morning or afternoon free. You can see the Strait, learn why this was a port city, and trade trekking routines for a table. Two nights offer a calmer museum day and room for a weather-dependent excursion. If you arrive very late and depart at dawn, call it a logistical overnight rather than promising yourself a city visit.
A fair comparison with staying in Natales
Stay in Natales when you want the shortest recovery path, need to collect gear, have an onward connection there or simply want a quiet day beside Última Esperanza. Choose Punta Arenas when its airport or route already takes you south and maritime history, city culture or food interests you. Both are good choices for different journeys. If you are exhausted after the O Circuit, rest first and make the travel decision with your real energy level in mind.
Hours, availability, transport and weather can change. Confirm any time-sensitive detail with the venue, operator or your ship before committing to a schedule.
Sources and further reading
These references support the regional context. They do not replace checking a provider's current schedule.

A rest day in Puerto Natales after the W Trek
A gentle Puerto Natales day after the W Circuit: food, waterfront, laundry, onward transport and options when your legs need a break.
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Two days in Punta Arenas without a car
A two-day Punta Arenas plan built around walkable city sights, food and optional short transfers rather than a rental car.
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Things to do in Punta Arenas without another hike
Museums, the Strait, local food and gentle city time for travellers who want Patagonia without another demanding trail.
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