Yeah but also no. This feels a like bit like “just be charismatic”. Someone asking how to respond to this sort of playful insult is unlikely to pull this off in any natural way.

I would think a better response for someone who does not know how to naturally respond to these sorts of playful insults would be to just absorb it goodnaturedly. “Haha, yep. I get this big nose from my dad.” Instead of continuing banter that is awkward, end it in a friendly way and move on.