Knowing the era in which it was filmed, I would agree that it does portray a better side of life than was actually happening in everyone's everyday life. Who would have money to give away like Ziefeld gave away so frivously to the doorman or spent on a bouquet of orchids? Most people barely had enough to make ends meet or put food on the table, they also had to work very hard.
Other films in that era depicted mostly the same lifestyle, happy go lucky, nothing really matters, there were very dew that depicted what lfe was really like.
If this had been filmed pre motion picture code I