Layman's terms: Kinda hard. But not that hard.
If you're an experienced runner, and have run some marathons, then it should be quite doable. The swim can be tough. Some adult onset swimmers pick it up fairly well, but others are in a perpetual state of struggle. But still, even for a lousy, thrashing type swimmer the 2:20 or whatever cutoff is generous.
The bike requires that you train hard, and with a measure of discipline. If you do 5 or 6 100 mile rides, along with other shorter rides during the week (some very hard), you'll be okay. If you do just one or two 70 or 80 mile rides in training and think you'll be able to bluff your way through 112 miles on race day, well, you won't.
As a runner, the run will be relatively easy. I've done 9 IM's and my tenth (and final) is coming up in a few months. A good friend is at number 32 or 33. They're silly and self-indulgent for sure. But they can be as challenging as you want them to be. Go for it!