Not a patch on the first, for two reasons: (1) the soundtrack is inferior, highlighting how important that mixtape was the first time around. (2) As Mel Brooks well knows, plot always gets in the way of comedy, and the Kurt Russell storyline is badly mishandled, dragging the second half to tedious depths of meh.
The first Guardians of the galaxy wasn't so much about the characters. It was about what they did and their motives were clear, but it wasn't about them. The sequel made it about them and then some. 60% of the movie was boring character development, another 34% we're mostly unengaging fight scenes (much like it's predecessor), and the rest was comedic moments (half of them akwardly done (oh and unfunny)).