A few things:
I think you meant "gravity" of the situation, not "levity."
I don't personally see either of your interpretations nor the two replies you've gotten so far as being the best understanding of René's state of mind at the film's end.
When we first met him, he was not very political, at all, which means he also had been living rather blithely tuned out to the horrors of the dictatorship and rather sheltered from those realities (something his pro-Pinochet boss would have been happy to encourage). His 'conversion' to the opposition is initially tentative and then eventually full-fledged as he immerses himself and becomes passionate about his creative direction of the No campaign, putting his and his son's life in danger. Suddenly and increasingly, he comes face to face with the terror of a reality under Pinochet he'd been blind to and in some degree of denial about. Meanwhile we see his semi-estranged wife and mother of his son repeatedly arrested by police and beaten up for her own activism against Pinochet, once right near the beginning of the film, suggesting that she's been far more politically aware and fighting for democracy while René had been so naive, disinterested, and/or focused on professional ambitions that their marital separation may plausibly have resulted from this significant divergence in their world views and priorities prior to the film's storytime. Thus, what we witness as the 'arc' René goes through is a kind of belated but intense wakeup from something of a political stupor he'd been in, possibly even ignorant of how much risk his wife had been in far longer than he has. But now he's gotten a major taste of living under threat and violence and coercion. His son was in danger that even at the time of her final arrest, his wife seems to comprehend more viscerally than he does.
So, once the election results are in and the campaign is over and his adrenalin flow can recede, I believe he is in a shellshock reckoning of just how much peril he and his country had been in beyond what he'd ever allowed himself to recognize ... Yes, they've won the plebiscite, but now he finally has come to realize just how much was at stake and is 'staggered' by it all, clutching his son all the more and as if in the wake of a life-threatening natural disaster, which indeed they barely escaped by winning an election no one thought they realistically could win.
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