Like everyone has suggested, this is definitely a lighter situation than if the code was not enforced. For instance, two real businessmen, in competition with each other, would not have been so friendly. They both want to hire Miss Held for their shows to make money. During those economic times, they would not have been so chummy.
Everything was so rich and elegant which was a stark comparison to the most of the real world at the time.
I understand the Hays Code was enforced but they must have changed some of the words to her song. Held sang that she wants “someone to come play with me.” I am little surprised they left much in.