That was hilarious! It totally feels like a folk story, a legend of those whispered around the village fire when the children have gone to sleep. It could also be a daydream of a Korean living in a foreign country who has been taunted by locals for his... ehm... size.
The costumes, the behaviour, everything... don't expect historical accuracy. People, it's fantasy, let's not forget that. So don't wonder why skirts are short and why a Joseon-time girl dances classical ballet half-naked near a village pond, or why the village men perform an Esther Williams number in the said pond. Yes, it's over-the-top, but that was its whole point! And yet it still manages to celebrate empathy and solidarity and even romantic love.
Thoroughly recommended if you want to chase away any stress or sadness. But not to people who take satire seriously, who get offended easily and who are champions of political correctness.