The first paragraph of the "Puffery" wikipedia page:

"In everyday language, puffery refers to exaggerated or false praise. Puffery serves to "puff up" what is being described. In law, puffery is usually invoked as a defense argument: it identifies futile speech, typically of a seller, which does not give rise to legal liability. In a circular manner, legal explanations for this normative position describe the non-enforceable speech as a statement that no "reasonable person" would take seriously anyway."

It seems puffery in both those senses.

Well, this is a point reasonable people can disagree on. I think intent matters. Exaggeration for comedic or parody effect isn't puffery because the intent is not actually to deceive.

Actual puffery comes about because there was a legitimate intent to deceive. As your (accurate) description of the law even implies: it's a defense for advertisers when they are caught being deceptive.