A German film from 1944 is suspect. What to expect?
A propaganda movie? There are some reviews who have discovered some elements of Nazi ideology deep down in the movie, but in general I would not call this a propaganda movie.
A comedy? That makes more sense! The war wasn't going very well for Germany at this point in time and the public public could use some entertainment to forget for a moment their everyday misery. The lead actor Heinz Ruhmann was an established comedy star in Germany from 1930 onwards.
The best characterization of the movie however is given by words like nostalgia ("sehnsucht" in German) and melancholy. Das dritte Reich has lost its glamour and the film longs for times gone by (the good old days). This is true for the main character (he longs back to his high school days) and for the film in total (it is situated around 1900).
The teachers ("Herr Professor" in German) are excentric and rather naive. There is no femme fatale in the movie, but one can imagine that they would have ended just like Professor Rath in "Der Blaue Engel" (1930, Josef von Sternberg) had there been one. For a moment the Nazi regime kept the drollery of the students for rebellion against the authority of the teachers and didn't give permission for the release of the film. It took a visit from Ruhmann to propaganda minister Goebbels to change his mind. One only has to compare "Die Feuerzangenbowle" with "Zero de conduite" (1933, Jean Vigo) to understand how exagerrated the fear of the Nazi regime was.