I watched this earlier today at my friend's house with my goddaughter via a screener copy. It wasn't bad but it wasn't very good either. It's on the same level as the better direct to video Disney sequels from back in the day like The Lion King II or Aladdin and the King of Thieves. The new side characters were a fun addition but as I had expected, the plot was mediocre and the songs were bland. I wasn't much a fan of Frozen II's story either but in that case at least the songs made up for it. Every song in the first Moana was on point but here the only one that was even semi-memorable was "Beyond".
Gonna be fun seeing this rehashed in live action in about 5 years.