We just finished it and am on pretty much the same page as you, I think.
It was so close to being amazing. 90% of the humor just seemed ill-timed or extremely misplaced. The introduction to Skeletor was botched because of that stupid gag and completely made him a joke. He doesn’t need to be hyper villain nightmare fuel for the movie, but that scene was a wet fart. And a lot of the other comedy too. Second one that comes to mind is the jail beak and interrupting almost immediately the Highlander theme (deal with it

) with the coughing. I get the gag with the smoke but totally killed that momentum.
We cracked up at the “butt worms” joke though, probably because my wife said it immediately right before Man-at-arms did. The other one towards the end where he tried to talk to Skeletor and everyone kind of pauses and Cringer has Beast Man’s head in his mouth. That was a good classic gag. But so much of it was just bad.
Honestly (and present day I hate to say it) but Taika Waititi in Ragnarok just had that down so good. Take that movie and replace Thor with He-Man. You’ve basically got the same thing. I wanted more Flash Gordon and the talent or whatever just wasn’t there to nail it.
Last point. I really disliked the soundtrack and thought it felt like royalty free synth rock instead of the aggressive really well done synth rock the movie deserved. The jail break was amazing and having Queen layered on top just added to that. The weak elevator synth during the rest of the movie just felt cheap. Go get The Darkness to record a couple of tracks. Beast in Black. Even Ghost could do it. Maybe they spent all their budget on Snap!, Queen, The Notebook, and a The Killers.
Anyway. I thought it was good with a few shortcomings from making it great.