At Disneyland, the train ride is called the "Grand Circle Tour" of Disneyland and guests are encouraged to complete the complete tour. Although I've never heard the WDW railroad described as the "Grand Circle Tour," you can remain onboard for as many loops as you desire.
One time, my friend and I had a little too much fun in World Showcase before hopping over (not advocating for this btw). We were exhausted suddenly and rode the train for an hour...
Sometimes, particularly before the parade, they will make you get off. Happened to me on my last trip. I wanted to ride it into main street, and they made everyone get off at fantasyland. I was not a happy camper.
train closes during some, if not all, of the parades. that would be the reason you could not make the whole trip. if I remember correctly train is closed during fireworks as track is in drop zone
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