Moana 2 for me was pretty much on par with the first one, for better or worse.
It had very pretty, vibrant colors (I miss color in movies), it was funny (sometimes a little bit too much maybe?), it had some great moments and one amazing song. The fight at the end was quite exciting, the ending scenes were beautiful.
It was very episodic (like the first one). The story had some similarities to Frozen 2 (and that was already a mess). Characters other than Moana didn't get very much development, even though there were many more than in the first movie. Even her own character arc was way less defined than in the first movie. Overall, for me there was little to resonate with emotionally.
Also, very subjective, but I dislike child characters (and they've been portrayed exactly the same in every Disney movie ever since New Groove) and I fear we will be getting more of that from Moana in the future.
Like everything Disney has put out in the last few years (except for maybe Encanto), it felt "nice" but very safe and formulaic. Wonder how long they will be able to coast on past IPs and well-trodden paths. Will the public get fed up with it or is nice but kinda boring familiarity what people want nowadays?