Indeed it does. This short fake B&W clip in the video is from a larger comedy bit in S1 Ep2 of "Alexei Sayle's Stuff" about "Einstein, The Lost Years" or something with similar wording.
The song isn't actually named like "Word Association" or "Panic" (I should probably add those as well), but the name of the fake movie is. "It's Up Uranus (1936)" flashes on the screen just before the song, so I call the song that as it's funnier than the obvious assumed title.
If there's an Alexei Sayle comedy album containing the song with a different name, I'll change it to whatever that is.
He even gets in a subtle boner joke. He tells the "lovely young lass" when she asks what it is that "it's latent energy condensed into mass".