Two, you know it's painful enough that you'd rather not waste the time doing something stupid and worthless.
Three, it lowers your mental state enough that you'll just drudge on like a robot.
Certain parts of my brain fatigue and completely turn off. After an all-nighter my emotional resilience is off the charts the next day.
I think a little slower, but so much more calmly, and logically.
At my startup my co-founders actually requested I pull all-nighters before pitching VC's because the effect was so profound. Public speaking is so easy when you stop caring and treat everything like an item on a checklist instead of a potential catastrophe.
it's not that we're night owls, but that we need coherent blocks of focus-compatible time, so when the rest of the world sleeps is one heuristic.