I think that sums it up well, especially whether if it’s an engaging story. No one tends to moan about Matty Groves sung in its entirety, but might do if it was condensed into half a dozen pithy verses.
With some songs though, you have to tailor the song to the audience reception - if they are clearly enjoying it, go for another chorus or even a repeat verse, but if they are getting a bit restless, trim the odd verse, chorus, or instrumental verse, and end on a high. Leave them wanting more was the old adage.