To watch this video by The Hokum High Rollers (in this case just Hannah and Jason)
'Is this strictly relevant to traditional jazz?' you ask. Of course it is. There was so much overlap between the music of the folk-singers, the jug bands and the jazz bands of the early days.
Also, not only is it a fun number. It has a melody and chord structure (basically a three-chord trick) that are easy to pick up. Any trad band could enjoy playing it, with or without the lyrics. You could even write your own new lyrics for it.