This was a Silly Symphony.
I see early influence of Pinnochio (the Blue Fairy) and Snow White (the magic mirror and the leprechaun Goldie looks like Dopey). The cat reminds me more of earlier Disney animations made before this, though.
This one was directed by Walt himself. He wanted to direct it to show how direction was to be done, but it ended up not being as good of a performer as many of the other shorts, and so Walt gave up directing these shorts and became irritated by this failure ever since (bringing it up made him angry).
Personally, I think the world is bonkers. I loved this short as a kid (must have seen it on the World of Disney), and I still love it today. I think it would have done better with more humor and with a few songs for the characters to sing (basically the two elements that made Three Little Pigs do so well). But what's great about it is that Walt was telling a full story, which was great practice for his feature films.