There is this fairly recent Pokémon Episode in which the three girls appear in a TV show, performing as costumed Super Heroines, including typical Henshin Scenes (No Nudity involved, though) and Sound Effects. Still, it was different enough so that it could also serve as Pretty Cure/Wedding Peach/Doremi etc. Parody/Expy.
Judging by the campy dialogue, OTOH, it sounded like they're doing a hidden, effortly-produced Commercial for Soft Drinks.
P. S.: Bonus Points in this case for actually changing their usual hairstyles & colours!
Well since it's in Netflix I had to settle for a Youtube review. Good news there's one between 10:20-10:22 and another between 11:24 and 11:35 (I suggest pausing this one since the vlogger is complaining about filler which kind of defeats the purpose of watching the whole episode and She-Ra's not a very long series that goes back and forth like Naruto). There's a few more but its really demotivating watching/hearing this review.
I actually don't mind it. It actually compliments some of the characters personalities. I would say that Frosta's design is the most underwhelming matching her role as an annoyance to Glimmer. Frosta just doesn't shine compared to the other princesses. You'd think the show is simplistic but as it progresses it gets a bit mature.
The new season of The Dragon Prince features not one but two instances of a character pretending to perform a magical girl transformation, complete with each instance animated as though said characters actually were undergoing a magical girl transformation (in the case of one of them, this was merely done for audience visual effect since no actual magic was involved in the scene and the character really was just pretending... and was a boy), and each one topped off by the characters finishing each sequence with a Sailor Moon-esque pose.