There's no fucking punchline, they're literally just recapping the premise of the show through a modern-era country song with hip-hop influences (the worst legacy of Old Town Road) and occasionally saying something about South Korea not being America. I hate it
This is why SNL has so many "game show but with celebrities who say the darndest things" sketches. Nothing draws claps quite like a celebrity the audience recognizes saying the darndest things
The Jeopardy thing was good because "Uneducated celebrities trying to compete in a show for smart people" was already sort of a joke on IRL Jeopardy. Then you just get the cast doing impromptu exaggerated impressions of other famous people which is literally the only reason SNL was ever funny.