The AV Club's reviews of the first few episodes, before readers and the reviewer all gave up, are pretty on point in their disappointment.

For what it's worth, the article notes that Strong asked to be removed from Update in order to appear in more sketches. Which is definitely for the best.

I also enjoyed all the Ultimates being impressed with adult Peter's skills as a scientist.

Don't think so. He has teenage Ultimate Parker's build and face. Likely an alternate dimension thing tied into Spider-Verse.

Spider-Men, a couple of years ago, had 616 Spidey stumble through a Mysterio-controlled portal into the Ultimate universe. He immediately met Miles, and most of the thing was the Ultimate universe, including Aunt May, Gwen Stacy, and Nick Fury/the Ultimates, reacting to an alive/adult Peter Parker. It was pretty good.