It's fine. I think as long as you create rituals and make sure the whole day has something to look forward to, it works well.
Something like: a stocking of tiny presents from Santa, which they open on your bed, or with everyone in dressing gowns by the fire if they hang them up on the mantelpiece.
Then get dressed. Then have a fancy Christmas breakfast.
Then main presents from mum and dad (hide any given by relatives in advance)
Take time to sort the presents out. Help DC get the packaging off, put batteries in, read books, try on dressing up clothes, build Duplo, ride tricycles etc.
Then make a big thing of there being presents for them to give to you and DH from them.
Ring or Zoom or Skype any relatives and get DC to wish them Happy Christmas.
We have a simple lunch or just brunch, so the day is built around them enjoying presents. If there are any from relatives, open them now.
Then we usually go for a walk to the park to feed ducks or to look at decorated houses etc.
Home for a Christmassy film while you prep dinner, which we have early at about 6pm. Light candles, pull crackers, tell silly jokes etc.
Then bath and bed for DC.