I have spent New Years Eve in Moalboal before, and it was one of the calmest New Years Eves I have ever spent in my life. Apart for a few small fire crackers thrown on the ground at 12:00 a.m., I would never of known it was the start of the New Year.
Most Filipinos stay home with their family on New Years Eve. Foreigners who have contacts here may be invited to their Filipino hosts home. In general New Years Eve in Cebu is boring. A lot of people even spend their New Years Even at Church.
If you are going to be in Cebu during New Years Eve and you want to see something that would resemble a war zone go to TOPS and watch the massive amount of a mix of professional and amateur fireworks being shot off in every barangay in he city. TOPS will have a more festive atmosphere but if you are alone it could still be boring.
If you want to buy fire works go down to the SRP ( South Reclamation Area ), you can even buy HUGE bombs that would be considered illegal in most countries to buy with out a proper licence. Of course you have to ask for the big stuff, since the sellers are not suppose to sell them to just anyone.