Yeah, but it's funny for many more reasons than that.
Lets see, there's the hilarious "death" scene at the beginning, the cardboard cutout satan and just about every damn frame of Dio, with that menacing expression and that whole getup, but when he walks around swinging the sword, those are the best parts.
Also...
JUMP JUMP
JUMP ON THE TIGAH, YOU CAN FEEL HIS HEART BUT YOU KNOW HE'S MEAN
SOME LIGHT CAN NEVER BE SEEEEEEEEEEN!!!