While caricatures and/or references to entertainment industry people or things or even brands of products is usually a staple in shorts like this one, they aren't used in quantity here. Most of the individual gags are rather generic. As I'm going to give examples, there will be spoilers below:

There are only three (well, technically four-there's a quick one at the very end of the cartoon) caricatures that I spotted, which is kind of low for this type of short, though one is a featured character with a fair amount of activity. They are Jack Benny (as Jack Bunny), Leopold Stowkowski and the inimitable Ned Sparks (as a crab on a can-chances are very good that, if a crab was involved in a Warner Brothers short in the 1930s-1940s, the caricature used would be Ned Sparks). There are also references to Billy Rose's Aquacade and a riff on a radio show character called "Henry Aldrich" (Coming, mother!), a play on Superman (Superguy here) and the villain is a take-off on "King Kong". That's it for that kind of gag.

The products themselves are mostly generic and the gags are more plays on basic items in unusual situations, such as turtles coming off of cans of soup to attack the villain as tanks, tomato soup cans doing "The can-can', gingerbread men who turn into paratroopers, using tissues for parachutes and so on. The gags are very good and it's an excellent example of a Bob Clampett cartoon. Clampett had hit his stride as a director by this point and while it isn't anywhere near his best work, it's nothing to sneeze at either. This short can be found on Looney Tunes Golden Collection, Vol. 3, which is an excellent set that I highly recommend. This short itself is also recommended.