If it's glorious, BH, it's not a waste of time!
What the film has in common with the Odyssey is a random bunch of incidents, but that's a game, not a heavy symbolic trip they are laying on you, any more than Homer was. What it's also got in common with the Odyssey is that it's primarily about helping the listeners/readers/viewers enjoy themselves, and take pleasure in the ultimate triumph of a likeable rogue.
As Kipling put it:
When 'Omer struck his bloomin' lyre
He'd heard men sing by land and sea;
An' what he thought he might require,
'E went and took – the same as me!
The market-girls an' fishermen
The shepherds an' the sailors, too,
They 'eard old songs turn up again,
But kep' it quiet – same as you.
They knew 'e stole; 'e knew they knowed.
They didn't tell, nor make a fuss,
But winked at 'Omer down the road,
An 'e winked back – the same as us!