I remember in a Cartoon Network bloopers special. Time Squad was watching stuff on a screen until an old Peabody and Sherman cartoon suddenly appeared as a joke. And Larry says, "For the last time, we did not rip off that show!"
I remember that special too; but both had quite a few striking similarities... basically, the entire concepts for both were TOO similar: going back in time to correct history. Not only their, both of their introduction episodes more-or-less involved the adoptions of Sherman and Otto, respectively... and there's another similarity, both shows having a red-headed, bespectacled boy.
Though there were actually more differences than similarities...
* Peabody and Sherman went back in time at their own free will; the Time Squad went back in time on missions to correct history.
* Peabody and Sherman "worked" alone as they went back in time; there were multiple Time Squad units in their universe.
*
Peabody's Improbable History was not intended to be educational;
Time Squad was.