Anime 1886

You are not missing out on anything with this one.

One of the big selling points of the first season was the setting. It wasn't just another school, it was a whole fantasy planet full of all sorts of stuff. The characters were well connected to the world, being the princes and princesses of their respective countries, and the story had a clear goal, stopping the sun from going out.

Now imagine you took all of these characters, stripped them both of their context in the world and most of their personality and transplanted them into a generic school setting.
This second season does not take place on ... the mysterious planet, but instead on a different world that has a school for royalty all the characters have to attend. The days of air balloon journeys around the hollow earth to stop the encroaching darkness are over, now it's time for school adventures, how exciting.

This school is strict though, it has rules against anything fun and will threaten to kick you out if you break them. Any time anything too fun happens, our generic Anime villain student council president will step in and summon shadow monsters to disrupt things, usually with very little success. The princesses then transform and engage in the least interesting battle sequences this genre has to offer, sprinkling the monsters with glitter until they vanish. They still have similar wish magic to the first season, but here it's used much less creatively, mostly to mass dispel shadow creatures or save someone from them.

The other character are present but sadly stripped of what made them enjoyable. Altessa is doing manzai comedy now, Shade apparently forgot his whip and will to fight at home and everyone else barely does anything either. Not particularly bothered by the mystery of the shadow creatures, they instead do stuff like leading the fencing club.
But hey, there are new characters as well, surely those are fun. The princesses now have Doremi fairies that help them transform, stripping Poomo of his role in the story. They are agents of chaos and usually just mess things up. Oh, there is a girl that says "fushigi" a lot, a character dedicated entirely to manzai jokes, the most annoying ojousama character I have ever seen and a boy that cries easily. I know, great lineup.

The story of this show feels like Satou Jun collected scripts for Doremi episodes that got scrapped for being too boring and made a show out of them. The setting has lost it's magic, being mostly school focussed now. Doremi was an excellent example of how to get great emotional impact from such a setting, but this doesn't happen here. You have episodes like the princesses helping an inventor construct a fart fuelled power generator or their fairies messing up the recipe of a baker. I barely even remember what the others were about, none of them left a positive impact.

My recommendation is to pretend this doesn't exist. It's not Futagohime anymore, it's some barely functional school Anime with the same character designs. Just watch Doremi instead or something.