Yes, it is that, but it’s more. Maybe a whole lot more depending on who you are. I don’t dismiss it off hand though I see the temptation for some.
As a form of (alleged) music, I do dismiss it. But I am a snob and mainly listen to classical. However, I found this rap battle to be entertaining and clever, sort of like some of the "Epic Rap Battles of History" which I also find funny.