I've come late to the party, but have a different take on if this is showing "a brighter side to life." This clip, at least, is showing the life of the "haves." Even the doorman is a "have" of a certain level. He has a nicely tailored livery provided by his employer. He probably makes good tips from the very fortunate people who can dress and attend the theatre. These people did exist during the Depression. And their lives went on, for the most part, unchanged.
As for "The Code" you've all missed something they got past the censor - the fact that the little mirror on the chain bangs our tightly clothed singer in the crotch with every step she takes across the stage. After playing with her little mirror, and flashing the audience in the eyes, combined with the lyrics of the song, and where it ends up, continuing to flash in the lights, she's the tease of the theatre. Remember, the costume department could have made that chain any length.
