Trivia: Director Andy Muschietti has a cameo as a customer at the pharmacy where Eddie picks up his prescription.
Trivia: The heavyset man speaking at the architects' meeting - the first one we see in this scene and who viewers might at first think is the adult Ben Hanscom, before realizing Ben is skyping in to the meeting - is Brandon Crane, the actor who played the young Ben Hanscom in the 1990 TV miniseries version of IT.
Trivia: Pennywise appears for only 10 minutes in the entire film.
Answer: I think it's more of an attempt at a silly joke, juxtaposing the insane imagery with a tender song. But I've also seen the suggestion that it was an Easter Egg/reference to the book "The Langoliers," in which the song is mentioned. (And given the "It" films have some general Stephen King Easter Eggs referencing things from his other books, that makes sense).
TedStixon