It actually is very similar to another enjoyable parody Royal Treasure with Luo Show, Huang Bo, Sun Hong Lei, Zhang Xi Ying, Huang Lei, Wang Xun, and Zhao Zanilla. I've never seen Running Man, but I imagine it's a lot like it but in a historical setting. The element of parody is intense. You have to treat it like a comedy, and then be surprised by the more touching moments. Royal Treasure's end is more heartfelt though.
The drama-version of The Myth has a lot in common with Ultra Reinforcement. Both star Chinese Paladin actors (Hu Ge and Wallace Huo, respectively). The premise is similar. A modern guy stumbles into the past and changes things around him by bringing knowledge of the future, similar to Connecticut Yankee in King Arthur's Court by Mark Twain. But while Ultra Reinforcement stays a parody, The Myth builds an epic-long story and keeps the lead in the past for a lot longer. Unlike Ultra Reinforcement, the character in the Myth ends up being changed by the time period. Also, there's that whole switching back and forth between the lead and the people in the future trying to figure out where he went. If you're intrigued, try it out.