Meta, parody and fourth-wall jokes are a tough line to walk. Community did it well many times, and poorly sometimes too. Supernatural took it too far and all subtlety was lost. IASIP generally sticks to background jokes and undercurrents (like Mac's weight gain), although there has certainly been some loss of subtlety as the character traits become more extreme (Mac's homosexuality and Dennis' neurotic narcissism being the biggest examples... other characters like Frank and Charlie have always had extreme traits, so it's hard to read any changes). This process is sometimes called Flanderization, just as an aside.
Recent seasons of IASIP, like the revival seasons of Futurama, contain some recycling but also still quite a lot of originality, cleverness and inventive humor. This episode had some recycling in it, too -- a lot of the jokes were well-tread material, like Mac's desperate need to be loved by his mom and Dee's obsession with making it in comedy. But it also deftly executed fourth-wall jokes in rapid succession in a way that did not have to be understood to be enjoyed. That's key: whether you see it as fourth-wall humor or not, the show works equally well. It's basically two shows for the price of one. Three, if you count Old Lady House.
If you enjoyed the concepts behind Cabin in the Woods, Community or EdTV/ The Truman Show, I think you will enjoy this. I did.