Yes, I agree. We watched Red on the telly box a few years ago and it was quite entertaining. Red2 was sort of boring by comparison. The actors were pretty good in both, which they should be considering the cast, but the plot, and the direction were plain off. Felt like they hadn't bothered with a proper story, just thrown a bunch of stuff from the original back together in a ridiculously complicated and contrived script, wound up the volume, and hoped for the best.
I've never seen Mirren dial in a performance (the others, well). That was jaw-dropping. I'm embarrassed to admit I watched it to the end, vainly hoping for some tiny redemptive bit. But no.