In a sense, yes.
It comes from a joke, maybe from Jeff Foxworthy, which goes like...
"What are a Redneck's last words?"
"Hold muh beer 'n watch this!"
It is applied here to a variety of Stupid Human Tricks-type stories. This raccoon story is a different take, to say the least.
Seems 90% of the "Hold Muh Beer Alerts" appended to headlines on FR lately are a different take. Half the people using it now clearly have no idea what it means. And another 25% are really stretching when they type it, because they are so desparate to join in.