Absolutely fantastic film. I am not a big film noir fan however Del Toro's talent, as well as that of the cast come together in sensational fashion. The fact that I am still thinking about this movie 3 days later, read the reviews and felt compelled enough to write one knowing full well it's buried deep enough that perhaps no one will ever read it should tell you something.
Hormetic stressors (cold exposure, periodic fasting) are mild assaults on the body that ultimately make it much stronger and healthier. The temporary discomfort is well worth it. That sums up elements of this movie. You need the stress to experience the euphoria that comes after.
A world where every movie is a superhero CGI whitewashed experience crafted for maximum profit is not one that I want to live in. It's fast food for your brain, its not an experience. Films like Nightmare Alley are that meal you ate while on vacation in that cafe with crazy decor on the walls, the unforgettable waiter and desert that you've never had before or since that you will never forget.