I get the whole comedy concept, since they were trying to reference Shakespeare in all "The Lion King" movies - Hamlet ("The Lion King"), Romeo and Juliet ("Simba's Pride") and Rosencrantz and Guildenstern ("The Lion King 1 1/2"). It was a worthy midquel in my book.
What we got was compelling comedy. There were funny scenes but with some endearing moments as well like when Timon and Pumbaa solidified their friendship ("Pumbaa, you're the only friend I've ever had") and when Timon and Pumbaa bowed to Simba shortly before Simba became king and Simba hugged and thanked them for helping him get to where he is. Also, wonderful backstory for Timon. I just wish Pumbaa got his backstory too. So glad Nathan Lane and Ernie Sabella were still onboard for this one. Original cast forever.
The only thing that I found unnecessary was the whole movie theater thing. They could've gotten rid of the commentary angle and just let the film play out naturally. Overall, it was still wonderfully produced. Disney sidekicks don't normally get their own movie so the fact that Timon and Pumbaa were given a movie proved how special they are. I've always seen them as more than just sidekicks