A few details about the Volotea Venice-Santorini flight on Mondays or Fridays (which actually arrives at 11:25 PM, not 11:00 PM):
Volotea is a Spanish low-cost airline. In France and Europe in general, this airline is well-known. For logistical reasons, I've already flown to Santorini from France to get to another island without actually staying in Santorini. So, be aware that Volotea's attractive base fare doesn't include baggage or seat selection.
With the base fare, you can only bring one small bag measuring 40 cm x 30 cm x 20 cm into the cabin, which must be placed under the seat.
No free meals or drinks are provided during the flight.
Seat selection costs €15 per passenger.
Carry-on baggage (maximum 10 kg) costs €35 per passenger.
Checked baggage (maximum 10 kg) costs €30 per passenger.
Checked baggage (maximum 20 kg) costs €49 per passenger.
You will be offered numerous additional options (insurance, Megavolotea, etc.). Decline all of these offers.
If you decide to take this flight anyway, at this late hour you will need to take a taxi. The price should not exceed €50, but booking a taxi through your hotel may result in a higher fare.
Staying in Fira, as Janet suggests, is the best option if you plan to take the ferry the next morning.
There's also a Seajets fast ferry at 8:25 am, arriving in Naxos at 9:45 am. From Fira, there are buses that leave for the port. The fare is €2.70 (€1.40 for children). The bus schedules are coordinated with the ferry departures.
Sorry to talk mostly about money, but since you like old jokes, as a French dialogue writer once said, "When you start talking serious moolah, once the numbers get fat enough, everyone's all ears." :)