It is a parody and must be judged in that category. I agree that it is not the funniest parody of all, but "Squeezed it, pleased it ..." does make a point all right.

The original, "Funiculi, Funicula", is sung by tenors in Napolitan style (though by no means "operatic"), which is often described as "erotic". The association with auto-erotics is disrespectful (as a parody should be) but not entirely arbitrary.