Each child will be different. I’d say try it out and see what happens. Toddlers will likely not follow the story mostly from not being able to remember what you read the day before. I read Charlotte’s Web to my 3yo and he enjoyed it, though I cannot remember if he had seen the old movie first. I was not able to do that with all of our children, though.
Winnie the Pooh has pictures, though there are more words than illustrations to match them. Little House and Charlotte’s Web also. A Cricket in Times Square is good. Beatrix Potter books (ditto comment re: Winnie). Mother Goose…thinking…thinking…Bible story books. Also, most anything that has very short stories. Pictures give them something to focus on, as well as explain the story. Otherwise, they start gazing around the room, thinking about the next thing they can do.
Blessings,
Cindy