Yup - that's exactly where that quote came from. That show changed an entire generation of youth's activities on Saturday nights - no matter where anyone was, when it was time, EVERYONE tuned in. It was amazing.
I believe that fake commercial for the floor wax / dessert topping had Lorraine Newman and Chevy Chase, if memory serves.
I also liked the other fake commercials - Bass-O-Matic, Puppy Uppers and Doggy Downers, the early Weekend Update, Point/Counterpoint - Jane, you ignorant....., etc.
Bob Bone