These are what we call the 'YMMV items.' Things that some people find in this work. We call them 'your mileage might vary' because not everyone sees these things in the same way. This starts discussions in the trope lists, a thing we don't want. Please use the discussion page if you'd like to discuss any of these items.
Which plays a part in Nick's later action in the scene where Clyde gets the gift he always wanted from Santa.
Also the entire Christmas morning sequence, with a beautiful rendition of Silent Night playing and Nick telling Fred he's the best big brother anyone could ever ask for.
Unfortunate Implications: The movie provides the message that there are no bad kids because some of them might feel scared or misunderstood. While it's nice to look into the reasons and why to improve such behavior, the movie, however, instead delivers it in a way by showing that every kid deserves a present no matter how bad they behave, and thus implying that it's okay for kids to get away with bad behavior. Clyde is an adult and does try to fix what he screwed up, and Fred was at least able to have a talk with Sam before things got too bad, but whose to say that misbehaved kids(like the one boy who trashed his sister's room and beat her up with a bat) will interpret the fact that they still received gifts as a means to take advantage of it and continue misbehaving?
The Woobie: Fred, YMMV on if he's bordering on Jerkass Woobie. Kinda hard to dislike him when you realise that for most of his life he's had to deal with his parents constantly telling him to be more like his brother, even though he was already kindhearted - he gets told off for getting upset that his brother just gave away the present he'd clearly put a lot of work and thought into, and without so much as a thought towards the effort he put into it.
Nick as well, who is burdened and stressed by everything throughout the entire movie, and he's just so broken by it all near the end before the happy ending transpires.