I agree with this, sounds like it was more making fun of homophobic attitudes.
Don’t worry. They had to give up Terok Nor as compensation.
He had a bunch of doll / action figures in that sketch (he did it during the news segment). He started by showing the new 6-inch tall GI Joe doll next to a foot-tall original GI Joe and saying,* "I don’t know about you but I’d be mad if someone shrunk me down from 12 inches to only 6*!". He also had a Barbie Doll and he held her next to the short, 6-inch tall GI Joe and said it looked like Susan Anton and Dudley Moore.*****
The best one was when he held a Brooke Shields doll and a Mr. T doll together and said in his great Mr. T voice, “Come 'er woman! Let me put my tongue down your throat!” He then mashed then together and looked at the camera and said,* “Can you imagine if Brooke’s mother tuned in and saw her daughter being ravaged by this huge negro!”
*
Oh, and none of this, nor the OP, is inappropriate or ‘from another time’. They are just as funny today as then. Political correctness is a very, very, very bad thing that must be stamped out at all costs. Especially in comedy*!*
*****They were dating and he was a very short actor and she was a tall, leggy, blond supermodel…
This sketch isn’t (of course) available on YouTube, however it is viewable on the free SNL app (on the iPhone version at least). It’s called Eddie Murphy on the Holidays’ Hottest Dolls.