The film was made in 1969, whereas the novel was published in 1928. While not untrue to the novel, the film is also a product of and an intervention in its own times.
Some reviews, both academic and popular:
Film Fest Journal (2007)
Molotnick, J.R. Macunaíma: Revenge of the Jungle Freaks. In Jump Cut, no. 12/13, 1976, pp. 22-24.
New York Times (2004)
Report from the Lumière Reader (New Zealand)
Shock Cinema (1992)
Opening scene: Far away in the virgin forest, our hero is born fully grown. No subtitles.
Trailer for restored version: Shows snippets of a panoply of scenes. French subtitles.
Swimming pool scene: in S. Paulo with the giant Wenceslau Pietro Pietra. No subtitles, but almost doesn’t need them it is so funny.