When you study a great set, what do you watch the second time?

First watch I’m obviously just watching the show. Second watch I keep trying to notice everything at once — wording, pauses, where they move, how they get into the next bit — and end up learning nothing. If you deliberately rewatch stand-up to study it, do you pick one thing each time? I’m tempted to do one pass just for transitions because mine still feel like someone changing tabs.