Almost any script has a lot of extra stuff in it which is not crucial to the plot. This is not unique to Shakespeare. You could probably convey the plot of most plays and movies in just a few scenes with a few lines of dialog each.
SCENE 1. INTERIOR, WENDY’S ROOM
Wendy: I’m bored.
Peter: *enters through window* Hello! I’m Peter Pan, a magical boy who can fly with the help of a fairy. I lost my shadow, can you help?
WENDY: *sews shadow back on, improbably*
PETER: Come with me to Neverland for an adventure!
Wendy: Okay. I am going to bring my brother and sister and whoever the fuck else is in the story, I forget
SCENE 2. EXTERIOR, LOST BOYS CAMP
Peter: Welcome to the Camp of the Lost Boys! We are all orphans who live here in Neverland and never grow old. Our nemesis is Captain Hook, a pirate whose hand I fed to a crocodile.
Wendy: Okay. I’m a teenage girl so in accordance with our Victorian gender roles it is my natural instinct to be your mother.
Lost Boys: Okay.
SCENE 3. EXTERIOR, PIRATE SHIP
Captain Hook: Peter Pan I have absolutely had it up to here with your nonsense and I am going to kill you.
Peter: *throws Hook into mouth of crocodile*
Wendy: I’m over this whole scene too. Please take me home to London or wherever.
SCENE 4. INTERIOR, WENDY’S ROOM
Wendy: I forget if there’s a moral or other satisfying resolution to this story, but I guess this is goodbye.
Peter: I must wave goodbye, but don’t you cry – I’ll be back each Christmas Day! *exits via window*
Basically, there’s a lot of side jokes and lengthy explanations in Shakespeare that can be cut without impacting the major plot of the story. Think of it like a making a summary of a movie. You can skip the parts that aren’t very important, but may still be fun. You don’t need to explain every joke in the film, or every part of the romantic scene where the two lovers talk to each other for a few minutes. You can trim it down and only keep the really important parts.