I understand all too well I'm afraid :)
It's Freddie having a laugh at life regardless of what he was facing at the time. According to Freddie's widower Jim Hutton, the lyrics are the result of an all-night laugh-fest with his friend Peter Straker, as they tried to come up with the perfect and funniest lines.
And I believe it's perfect for the Innuendo album, along with Brian's "Headlong" too, because otherwise it could have been a very depressing album all the way through. Instead it has the same humor and variety as any Queen album.
I really love the track. Often it feels like a personal theme song ;)