I definitely think its a bad film, especially once it gets to Neverland. It dispenses with any sense of menace and the darker edges of the play in favour of a rather trite lecture about spending time with one’s children.
The best version I saw of Peter Pan was at the Barbican theatre in London, in 1982, with Joss Ackland as Captain Hook. They left out none of the darker material, and I remember (aged seven) recoiling at the moment near the end when Wendy’s daughter is almost killed in her sleep by Peter in a fit of jealousy. It really brought home the jeopardy of childish impulse, and the melancholia of why growing up is a sad necessity. Nothing in Hook comes close to that.
Also, Captain Hook was far scarier, and to this day I’m convinced they used a real crocodile.