Yes it has a very brighter perspective especially where Ziegfeld gives a big tip, in hard times that tip would have been a weeks salary, I do not believe money would have been given out so freely. Her outfit is definitely code related since Burlesque showed a lot of leg and cleavage.
The Themes of the time would be Light-Hearted, and whimsy, anything that would not remind them of how hard life was at that time.