This is a great book to read to toddlers. Fox in Socks is a masterpiece of linguistic fun.
However, this printing is not the whole book. The storyline conflict between Knox and the Fox has been removed, as have many other small pieces, e.g. "If sir, you sir, choose to chew sir, with the goo goose, chew sir, do sir!" (I read the full version to my older children a lot!)
Having said that, the pages are cardboard, so toddlers can't accidentally rip them, and there won't be any toddler concern about why Knox is mad at the Fox.
So, for toddlers, pick this up now, and get the "full" version when they're a bit older.