Never played the first one but from what I've played this game definitely holds up on its own. Spelunky 2 works as well as it does and gets away with what it does due to its chaotic sandbox-esque nature. It's a game where I can't help but laugh every time I die. Sometimes the game sends you through a Rube Goldberg pinball machine of death, and sometimes it hits you with a beartrap with perfect comedic timing. The cartoony artstyle and whimsical music helps a lot with this feeling; despite being one of the most difficult rougelikes I've played it doesn't lean into this aspect with a gritty artstyle and atmosphere. The movement in this game feels very smooth and responsive, I can't recall a single time I felt that I died due to the character failing to react to my inputs (however I have died many times messing up my inputs, lol). Spelunky 2 is also filled with mysteries to uncover, skills to learn as a player, and unique interactions to find, all of which are things in games that appeal to me greatly. Overall a masterclass in rougelike design that never fails to entertain me despite how much I've played this game.