This production of The Grand Duke reimagines the theater troupe as a G&S troupe in the middle of a run of Patience! The new lyrics to Ludwig’s song here (starting ~3:05) are very clever.
At the outset I may mention it's my sovereign intention To extoll the operettas widely known as "G and S." I am very fond of Friml and Lehar, but—Gott in Himmel!— They just lack a certain something these two Englishmen possess.