This is an entertaining parody feature in itself, and it is also of interest as one of Stan Laurel's more substantial earlier roles. Although it would probably work all right as a spoof of the basic story, it is particularly designed as a parody of the John Barrymore version of "Dr. Jekyll & Mr. Hyde", so if you see or have seen that particular version, there are many more amusing details and parallels that you can spot.
Laurel's character, like the original Dr. Jekyll, has an alter ego, but here it is merely a mischievous one. It's funny to see the light-hearted parallels to the much more serious scenes in the original story, and while the movie is rather unrefined overall, most of it is amusing.
Laurel's approach to the role reflects not so much his own style as a deliberate exaggeration of Barrymore's vigorous performance. Since Laurel also gets to play both the upright doctor and the disreputable alter ego, the role gives him quite a bit to work with. Laurel did a solid job in this kind of parody feature, and it's interesting to watch him perform with an approach that's different from the style that's so familiar from all the great Laurel & Hardy features.