The controversy began when the first trailer - which you can see above - was released in November, but the film’s creators came under fire for a joke Ben Stiller and Owen Wilson make about Benedict’s gender-ambiguous character.
Now, Will, who stars as fashion designer Mugatu, has shared his thoughts on the matter.
Speaking to BBC Newsbeat, he explained: "I think we are making fun of a bunch of different things.
"In terms of reading the script, [as part of] the world that the movie is established."
“I guess there's some controversy,” he admitted. "[But] to me, I don't feel like it was over egregious.
“But I haven't seen the final movie, so can't really comment."
Benedict in the 'Zoolander 2' trailer
In the trailer, Derek Zoolander asks All: “Are you a male or female model?”
The character then replies that “All is all”, to which Owen Wilson, who plays Hans, counters: “I think he’s asking do you have a hotdog or a bun?”
A petition calling for cinema-goers to boycott the film was started online, and its creator Sarah Rose wrote: “Cumberbatch’s character is clearly portrayed as an over-the-top, cartoonish mockery of androgyne/trans/non-binary individuals. This is the modern equivalent of using blackface to represent a minority.
“By hiring a [cisgender] actor to play a non-binary individual in a clearly negative way, they film endorses harmful and dangerous perceptions of the queer community at large.”
At the time of writing, over 20,000 people have signed the online petition.