Yes, this clip shows an unrealistic hint of ebullience, with this frivolous song. A number of musicals from this time period were over-the-top escapism for audiences. The lyrics would be more suggestive like the song "Pettin' In the Park" (Gold Diggers of 1933) and costuming might be a bit different if this had been pre-code.
I have come to love so many musicals. One I can watch over and over again is Singin' In The Rain. It is one of my favorite films and my absolute favorite movie musical. Singin' In The Rain always brings "a smile on my face:)"