I think you guys might be too young to understand the joke.
“To Sir With Love” was the theme song to a similarly named 1967 movie about a Black American teacher - Sidney Poitier - teaching working class English kids in London.
I didn't watch the whole SNL skit, but it appeared like the two women sang the exact words to Obama, just like the kids in London sang to Poitier.
So, yes, it can be interpreted as worshipful political propaganda for Obama.
But there is a also sense of mockery based on the actual context of the original song.
Whoopsie. I thought it was a James Bond song! Blushhhhhh.
now I have to watch the original. thanks for the tip.