Yes, the joke is very much meant to be about ISIS. But it hops into occasionally dangerous territory, mocking the Islamic obsession with forcing women to wear black shapeless garments and forbidding them to leave the house.
Not to mention the virgins of paradise that Islamic suicide bombers aspire to.
New York Magazine, where political correctness and sanity goes to die, complained that the sketch is "punching down". Then there are the whines about "widespread gendered Islamophobia." Al Jazeera complains that it's reinforcing Islamophobia. Because mocking ISIS is politically incorrect.