I don't believe this for one minute.
Keith's ego is way too sensitive for me to believe that he laughed at that skit. I think it hurt his feelings. I think he's just trying to cover it up. Which really is a good thing. It would just be worse for him if he showed his hurt over it.
In no way shape or form was that skit flattering. It was very demeaning and made you never want to see this guy in person. Ever.
But trainwrecks are trainwrecks. People love to watch disasters play out. Why, I don't know, but that's just human nature, I guess. So this could boost his ratings. People will want to watch why he's so insecure.
Maybe that's why they watch BillO. They know he's going to crash eventually and are just waiting for it to happen so they can say they witnessed it.
Funny thing, though, is that if you look at this on a grand scale, neither Keith nor BillO will get nearly as many viewers as SNL. And I suspect not many people knew who the hell Ben Affleck was portraying.