You do need to be careful because they will occasionally shut lines before the park closes - I’ve personally seen both Incredicoaster and Peter Pan close at about 11:50 on midnight park closes. (*ETA: Incredicoaster would have been 9:50 on a 10:00 close, actually, and it was when WOC was down. Same idea, though, they do shut some lines a bit early on occasion.) So, I’d plan to jump in if it’s a re-ride or something, but don’t pin all your hopes on jumping in a line at 11:57pm.
As someone who very frequently rope drops (because kid) and somewhat less frequently closes out the park at 11 or 12 (often solo after being in the park with friends who go home, but I’m a night owl)... the end of the night can be comparable to rope drop, kind of, but it’s often more crowded than you’d expect, and the nighttime shows/fireworks can make it hard to move around the parks easily.
If it’s cold, you have a much better chance of the parks clearing out. A cold, drizzly Sunday night? That puppy might be empty by 9:00. But a decently-weathered Friday night is probably going to be popping until they kick people out.