I think it does have a bit of replay value, first since you're allowed to skip a few levels to beat the game, and it's pretty fun to try and tackle those after you've finished the story... And there's also the fact that a lot of the later puzzles are so challenging puzzle-wise (which I like, but isn't really for everyone) that coming back to a level after not having played for a while (which happens on its own to a lot of games, but yeah this isn't really a "binge playing" game) still gets your mind working a decent amount. I also find the atmospheres in that game (especially the music!! But all Klonoa games have good music UwU) nicer than Dream Champ, it's a bit more fantasy.
Dream Champ does have more replay value, too, since it grades the player on their performance in each level, you get rewarded for collecting all the dreamstones, and the sunstones hidden in the level unlock a secret level, too. So if that interests you there's that, too.