This was the second film by this name and with this story, released in 1954, it apparently was released to theaters as a 90 minute cut, then re-released 30 years later with a three hour cut, which is what I watched. It’s a goof movie, and I wish I had seen it in the order that they were released, because they all iterate on the previous versions. Case in point, the original film was about an actress, this one is about an actress singer, the third was about a singer, then the fourth was also about a singer.
I’d say make a day of it and watch them all, but do yourself a favor and if you watch the Judy Garland version, go for the shorter one, as the extended release has an entire sub plot that goes nowhere and was correctly removed imho.