Decent watch, probably won't watch again, and can't recommend unless you just wanted a "body swap" musical.
While the musical part of the musical is fun and well performed, I didn't realize I was going to watch a musical unless (basically) seconds before I clicked play. I was wondering why Disney rebooted this title, but it's clear that this is it's own thing that happens to share the title because it's under the same company.
The "magical" hourglass, though an awkward prop, is a much better magic medium than a "cookie", and "The Hunt" is a good enough of an idea that they could have made a entire movie based on that, without anything else and it has potential to be a best seller. I also liked that they developed a lot of the supporting actors and antagonist in this version.
However sometimes they do that because the main characters are weak and they need to compensate. Part of it the way they're written, and it's not like these are bad actors, but they're low level actors that probably were selected based on contracts and musical experience, and I'll be honest: I didn't care for most of the acting in this.
Having just watch the 2003 version, I just don't think this holds up.