I'm not sure what you expect. For sure, a 3 year old will not understand the humor. It is not a children's show.
But that said, yes I believe they will be entertained and enjoy it, at their level. It is full of lively singing, dancing, music, and corny jokes, napkin twirling etc.
We took our children and grandchildren when they were young and they had a good time. My Grandson was probably about 4 and he had a great time. But he doesn't remember a lot about it now.
It is up to you whether you decide to go now. I think it is great for all ages and the kids will get age appropriate enjoyment out of it. I do think the older they are the more they understand but that doesn't mean they won't have fun. I think the adults will have a good time.
Good Luck