The Three 6 Mafia star chopped it up with TMZ Hip Hop at LAX, where he told us the Kendrick-Drake beef was great entertainment ... but the subsequent convos about Drake's career being over are totally overblown.

Paul says Drake and Kendrick's feud diverted his attention from the action of the NBA Playoffs -- it was that good -- and, in his book, he doesn't see either rapper as a loser!

Of course, he's from the old school ... Paul remembers the days when guys like LL Cool J and Kool Moe Dee exchanged several disses, only to move on once the rhymes were done.

He says the only difference between now and then is the internet instigators sitting on the sidelines in the present day.

His dogs in the fight were also equal ... Paul is rap's King of Memphis -- the same city from which Drake's dad hails -- and he considers the Grahams his fam-bam. He even produced the Jay-Z-featured "Talk Up" on Drake's "Scorpion" album.

But, he's also a big fan of Kendrick and has long been tapped in with his former TDE camp.