Essentially a soft core adult film. The lead actress can be seen fully nude at times throughout the movie. This includes close ups of genitalia. There are multiple scenes that imply orgies, group sex, etc. Both men and women are seen nude throughout. Several fetishes are hinted at.
The "Land of Play" scene is basically a brothel. It's said to be a place where "adults get lucky." Lots of euphemisms about fairy tales and sex. Woman rides Pinocchio's nose. Pied Piper makes people have sex with his flute. Humpty Dumpty says women love his vibrating egg.
This appears to be one of several soft core parodies with the same lead actress. These films appear to have been "inspired" (loosely) by the 80s and 90s films named after the title character, as they involve travel through time and space.