Just a heads up to any potential visitors to la palma this is something of a gem, you can do it by bus but becomes a bit of a slog, by. Are you can park in Santo Domingo de garafia and either do the 9k walk in the books or cut the corner and make it just 5k , admittedly it's down and back up but beautiful with allsorts in flower and lots of other stuff to come, the views were spectacular and we had it to ourselves!
Yes there are lots of walks in the area, you just need to watch the weather forecast as it can get wet and windy , although I imagine the barranco itself would be relatively sheltered, I don't think my phone did justice to the loveliness of the vegetation, the blue haze from the Lavender was particularly lovely
One I've enjoyed just a little west of there, or maybe anti-clockwise is a better descrition, starts at Las Tricias and goes alongside a barranco to the Guanche caves, passing some marvellous stands of ancient old Dragon trees. A couple of times there was a dog that followed walkers along the trail and back which was quite sweet. I don't expect it is still there.