When Ron jumps off the bridge to save the hot dog (don't ask if you haven't seen it), the theatrical cut cuts away relatively quickly. The extended cut lets the awkward silence hang in the air for an extra ten seconds. It’s a tiny change, but it transforms the scene from a silly gag into a genuinely surreal art film moment. So, is it better? No. But also, yes.
But buried in the DVD extras (and now streaming on various platforms) lies a curiosity: Anchorman- The Legend of Ron Burgundy EXTENDED ...
Here are the highlights: