This is not discworld. Pratchett’s discworld was a sly commentary on the foolishness of institutions and unthinking narratives, this show conveys none of that.
Carrot is certainly not carrot, the dwarfs are not dwarfs, despite their being an appearance of an actual dwarf, lady ramkin was not overtly involved in the goings on, but a wise nudger behind the scenes. Ankh-morpork is much too clean, really nothing is what they were in the books.
Is it an okay story by itself? Yes, just okay, not riveting, and not slapstick silly as it was in the books. Like most shows or movies that claim to be based on books or comics, it’s just taking the names and claiming them to draw people in, but being true to the original.