We love going at New Years, although we would never wait that long for anything.
I will say that some people do prefer to wait in a long line on a bonkers day like this because it is somewhat controlled as opposed to fighting the crowds outside. Friends of mine voluntarily stood in a 200+ minute line last year just because they were sick of fighting the outside crowds. They didn’t want to leave the park since they were staying late, but wanted a reprieve from the craziness so they got in line for Space. They said they felt very zen in the Space Mountain line

I personally would not do it this way, but I’ve been there a few times at New Years and definitely understand wanting a little break in the park from the craziness!