One would have to say "in the end everything is a gag, etc" because everything is infinitely more than just a gag. The same applies to other "is"-statements such as "Laughter is an instant vacation"
Alfred KorzybskiIt is amusing to discover, in the twentieth century, that the quarrels between two lovers, two mathematicians, two nations, two economic systems, usually assumed insoluble in a finite period should exhibit one mechanism, the semantic mechanism of identification - the discovery of which makes universal agreement possible, in mathematics and in life.
Alfred Korzybski