Felt more like "Nintendo: The Movie" then even the first one, what with the edition of Fox McCloud, Pikmin, and just sticking in Mario and Nintendo things for the sake of it. There is one gag in the middle of the movie with ROBB that I was left alone to chuckle at because I have a suspicion that no one else got the joke; I got the joke because Official Old Fuck. (It also just wasn't that funny, essentially a version of the sloth gag in Zootopia.)
I'm not sure making Peach and Rosalina sisters adds anything. Kinda makes the Mario universe smaller, insofar that I care about a Mario universe.
Mr. Game & Watch actually got the biggest applause from the audience, which was kinda surprising but maybe not considering how many people love Smash. I've seen other initial takes that thought Yoshi was underused but considering how mildly annoying I found this version of him, I think he was used just fine. They've clearly left the door open for a Star Fox movie, which I can see working if it's less slapsticky than these Mario movies. I personally enjoyed Cape Mario at the very end just because SMW is my favorite but he's on screen for all of four seconds. In the post credits scene, the Blue Luma is back doing Blue Luma things, so if that was too morbid for you the first time, well, they've doubled down. You can see the Daisy stinger from a mile away but it was still kinda charming.