I could stop with just that title and follow with a randomly selected clip, since Saturday Night Live hasn't been funny in about 15 years. But not only is this skit not funny, it's downright offensive. It's a mock commercial for hormone replacement therapy aimed at M to F transgender people. It shows several of the male cast members in varying stages of transition. The punch line is basically, "Get it? Trans women! Ha-ha!" I guess cissexist knuckle draggers find this hilarious, but mocking the experience of trans women is not a joke. Looks like NBC might have new ownership, but it has the same tired transphobic stereotypes that pretty much every other comedy has.
GLAAD has a petition that you can sign, demanding that NBC apologize for this disgusting sketch and remove it from future airings.