Yes, it is definitely satirical. But isn't specifically for "trivial", it gets deployed in different ways.

Some of the awards are straight up criticism of the research, like for bunk homeopathy stuff. It was awarded for the prank paper used in the Sokal affair, in which it's definitely praise of what Sokal did. Sometimes it is awarded for a bizarre but funny thing from something being studied in another more serious context like the magnetic frog levitation paper.