Very definitely a story of its time. It’s intended for children, but I seriously doubt many modern kids would read this. There are moral lessons buried here, but they are largely lost in the unnecessarily detailed descriptions of the riches of the royal family featured. Some of these are effectively lists of luxury items and they were possibly included to demonstrate the lavish and excessive lifestyle of the monarchy. But in this case, less would undeniably have been more. There is also an unfortunate undercurrent of admiration present in some of these descriptions that diminishes their effectiveness.
As I say, of its time.
[Any review is a personal opinion. No reviewer can represent the view of anyone else. The best we can manage is an honest reaction to any given book.]