Its best to go there around 4PM (lowtide) via Nalasin just behind Crocodile Island. Your banca would not be able to go near the shore if you choose to go directly to Cabacungan cove because of the rocks and the chasm (exposed during lowtide) that borders the shore.
From the Nalasin its a short hike to the cove. You would be passing by interesting rock formations that turn rust colored as the rays of the warm afternoon sun hits them.
Its a perfect place if you want to do some unique outdoor portraits. We had a model with us that time so our "short" hike was punctuated with 5-10 minute shoots.
There is a great POV just beyond the shore, on top of a small hill enroute to Cabacungan. From there you'll be offered a different perspective of Nalasin.
Once in Cabacungan, you can position your tripod almost everywhere and still get a great POV of the sunset. While waiting for the sunset, you can visit the cave nearby and swim in its emerald pool. Or you can watch colorful fishes trapped in small shallow pools that dot the exposed rocky beach.
I positioned myself on top of a huge rock to get a view of the seaweed lined ledge. From there I got a clear view of the setting sun as well as the different textures of the rock and seaweed covered sea floor.
The water was really low when we were there that we were able to see a ledge leading to one of the entrances of the cave. It was a totally different point of view, one that is facing east - the opposite direction of the sunset. The western sky was devoid of clouds but we were lucky to have low lying clouds in the opposite direction.
Cabacungan is still good for a couple of trips, I think. More point of views to explore and considering the fact that lighting conditions are never the same, I think I'll still be able to get a few interesting shots from there.
Few folks are aware that the clouds opposite the sunset are often lighted to a glowing orange or pink a few minutes before sundown. The colors intensify a few seconds after sunset. This is part of the "afterglow" effect.