I have personally experienced this. I went to a concert in NY while living in the midwest. I was a pretty broke grad-student at the time and hence opted not to get a hotel for the night before the return flight. The concert ended late and we reached the airport by around 3:30 AM for a 7AM flight. I think I took some naps at the gate before the flight and got very little sleep on the flights.

I barely remember anything from that night. The concert itself is mostly blank except for one or two moments. I remember some moments of driving late at night afterwards (getting lost at one point) and having a very late night dinner at an IHOP. I barely remember getting on my connecting flight.

Overall a very surreal experience.

Now I make it a point to get proper sleep on such trips. What is the point of doing these things anyway if we don't get to keep the memories?