It's the first movie but from Timon and Pumbaa's perspective, mainly Timon. The concept is unique. We get to see Timon's backstory in his meerkat colony (setting him up as the movie's protagonist) before he and Pumbaa met and their paths crossed with that of Simba, and the meaning of "hakuna matata" changed when both decided to follow Simba back to Pride Rock.
It's actually very well-liked on social media like Twitter and Instagram, and all the original cast are back so that adds to the quality of the movie. Some are canon like the backstories, though several segments retold by Timon seemed like pure exaggeration and unnecessary.
It's worth looking up though
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Great exploration of the meaning of friendship with a mix of comedy and some endearing moments. Disney Plus has debuted, and from what I saw on social media, many who are new to this movie are watching it.