2 hour, 58 minute film, Magnolia is. Credits are another story, about 10 minutes long.
The push on Claudia doesn't bring closure to the film. Ricky Jay's narration does. The push just punctuates everything Claudia went through, and her smile is catharsis. Ricky Jay bookends things much more clearly though.
If you want vintage PTA sequences, look to the phone booth lighting up in Punch-Drunk Love when Barry finds Lena in Hawaii. One of my favorites. I wrote a whole essay about this (P-DL's "Quirky Delights"), as did SHAFTR. Cite your sources as needed. Look around for SHAFTR's thread.
Look to any number of quick inserts he uses, such as the one when Dirk says "I can do it again." Needle on the record player, then the bottle of champagne popped.
One of my favorites, though, is when Dirk fights with his mother. He leaves his house, she's yelling out her front door, then immediately cut to Jack's house, he opens his door and welcomes him. Instant new family. Perfect juxtaposition, coupled with the move in and whip pan over to Dirk approaching Jack.
Better yet, what you should do, rather than having us do your homework for you, is take Hard Eight and Boogie Nights and watch the images with the commentaries running over them. Do this over and over again. That's the best insight you can possibly get to his films. Then, watch the That Moment diary. And watch it again. And again.