It is yeah. Even for Weird Al, the humour is top notch. I love the rug pull where the song changes from being about how neat tin foil is, to conspiracy lunacy. (Because I could totally see him making a song that's just about how neat tin foil is).
I laughed until tears came down my cheeks when I got to that part the first time. Which might be a little over the top, but that exact transition you describe really got me. The visual transition really drives it home, too.