We wouldn’t suggest trying to make sense of this. There’s no deeper meaning or subtle reference you’re missing; it’s just a heaping spoonful of that weird, nonsensical advertising that dominated commercial breaks from the late 80s and into the 90s.
Intended to promote the 1987 US release of Nintendo’s seminal game The Legend of Zelda, it features a man in a black turtleneck yelling out for Zelda and reacting to some of the game’s 8-bit enemies. It’s packed full of that comically frantic tone that the Nickelodeon generation came to love. Unbeknownst to many, the star of the commercial is John Kassir, who took on a voice role two years later as Crypt-Keeper for HBO’s Tale’s from the Crypt.