You can walk to the volcano from Playa Blanca, although we were staying slightly nearer at the H10 Timanfaya. It took us two hours to walk there, up, though the crater and back. Good views over the whole of Playa Blanca and out to Fuerteventura. The path is easy to follow and not too rocky underfoot, although there is some slippy gravel in places. If you're staying nearby, this is definitely worth a couple of hours of your time.