I guess I'm the only one that likes Saludos Amigos more, but ok. This is just a more poorly structured, drawn-out, boring, trippy and politically incorrect version of that film. The only legitimately good parts are the segment with the penguin and the bit where Donald is on the beach interacting with stuff Roger Rabbit-style.
Sure it's frivolous, and maybe somewhat generalizing in its depiction of South American life. But it's also short, vibrant, fun and unique, and stands as one of the many better depictions of non-white people in early Disney history. Worth checking out.
If you're curious, my favorite segment was the one about the planes ("Pablo"). I get that it's maybe the most vanilla in storytelling terms, but I think it does a good job of dramatizing the struggle of transporting mail across the Andes in a way that kids can understand and empathize with.