Certainly, it fancies itself an instant classic, with its numerous references to holiday immortals -- Miracle on 34th Street, It's a Wonderful Life, the claymation of Rankin-Bass -- intended to suggest that it not only borrows, but also belongs.
The North Pole has a retro look, Buddy ends up at Gimbel's, one of the department stores immortalized in Miracle on 34th Street (1947), and there's an animated snowman like the one in the classic Rudolph the Red-Nosed Reindeer TV specials.
I've heard it compared to It's a Wonderful Life, Miracle on 34th Street, and A Christmas Story.
It is even less effective than the similar scene in the 1994 remake of Miracle On 34th Street.
Buddy's disruptions extend to the working world as well, when he takes a job at Gimbels (shades of Miracle on 34th Street).