This is another ensemble-cast of lower animals discussing sex, like Clams was. I think it’s a sufficiently different joke that it’ll fly, though. The fact that sex is equal to death is something that was first pointed out to me in a Carl Sagan book, but I can’t remember which one.
It's clip art with jokes. Seriously, that's it.
Jellyfish reproduce sexually in the medusa phase of their life cycle (the one pictured). The previous stage (polypoid) can reproduce asexually, but there’s always sexual recombination between one generation of medusae and the next.