The original movie of the same name was a childhood staple of mine, and unfortunately they didn’t recreate the magic that the original had. There are no common themes between the movies, other than the broad concept of a boy and a dragon being found by a woman. The original had some good family themes and made it a point that Elliot The Dragon was only helping the kid because he needed help, and once he got the help, Elliot The Dragon moved on to the next kid that needed the help of a goofy dragon. The modern tale presents Elliot as more like a dog and needing Pete as much as Pete needed Elliot.
Here’s a song by the Helen Reddy, who starred in the original film: