It's as though Chris Columbus realized there was no way Kevin McCallister being abandoned by his family on Christmas could possess any emotional resonance the second time around, and instead decided to hedge all his bets on the other aspect that made "Home Alone" work: the traps. The result is an amped up, hyper-violent sequel that seems to exist solely to put its supporting cast through grievous bodily harm.
This is probably better than the first. "Better" story, "more creative". But it just showed that home alone was what it was. You could not milk that cow any longer. There was, anyhow, some serious laughs to be... wait, did I say serious laughs. This was still fun. And funny. But it was a good move not to do a third. Home Alone 3 - Prom Night? They might have, if the actor would still look young enough.