Schwarzenegger and DeVito do not disappoint in what I consider a classic late 80s comedy. Schwarzenegger naivety in the real world pairs perfectly with DeVito's abuse of it. They balance each other out thematically, and almost comedically with Schwarzenegger taking the burden in the beginning and DeVito more in the middle with his side hustle. In the final third of the film when it becomes more about family, the laughs do decrease dramatically so we can have a heartfelt ending. I would have appreciated if they could have kept the laughs going, but I understand that the tone has to switch when things get serious so it feels like there are actual stakes. (A similar thing happens in "Knocked Up") Kelly Preston and Chloe Webb, playing the female co-stars, don't get too much time to shine as the movie focuses on the twins. Maybe they could have been incorporated more in the final act instead of being sidelined but I'm not sure how you execute it without it feeling silly.
Overall, the movie still holds up after 30+ years. With rumbles of a possible remake staring Momoa & Dinklage, I think you may insult a lot of people making Momoa the "perfect human" and Dinklage the "genetic defect" so I wouldn't be surprised if they decided to swap the roles and change up the jokes completely. In recent roles, Momoa tends to be more silly while Dinklage is more serious, so I think it would work. It would would be interesting to watch if they did something different and didn't just rehash the original, in my opinion.