The joke is in the exaggerations and charicatures. The truth is what is real that would cause this joke to be made in the first place.
Obviously smart does not equate to "snobbery" or "perfectionism". And less smart does not equate to "more horny". It is a comedic layer added by the directors to make you laugh, because it is a comedy.
But the truth beneath the funny is that less smart people generally make poorer life decisions. For many people in many contexts, less children for a longer time is a smart life choice, and more children more quickly is not. Because more children more quickly is, in most contexts, in the category of poor decision, it tends to happen more with less smart or educated people.
I don't see how it is an argument for elitism at all. It's an argument for promoting education.