Well yeah. Look no further than the "brevity is the soul of wit" quote. It's taken at literal value when, in context, you know it's a joke, a potshot at the expense of the character saying it, who's anything but brief in speech.
It's totally in earnest, and it's funny because Polonius isn't being self-deprecating: he wholeheartedly believes in brevity, when he isn't being it. At all.
But, Shakespeare being Shakespeare, he's not being entirely poked fun at. He's saying goodbye to his son, who's headed off into adulthood, and his over-long list of life-advice is like his last chance to to be a loving father. It's a "yeah, dad" moment, but Polonius is ever so slightly desperate to impart all the lessons that maybe he never quite got around to teaching quite as well as he wishes he had, and he's just ever so slightly desperate, and totally not ready to say goodbye, and it's... Really, really relatable.
Though maybe not to high school students, I guess. I think it's still worthwhile for them to try.
