Cute and mildly amusing. The lyrics aren't great, though. Given the style and structure, I'd probably consider this pretty bad songwriting if it were about anything else, which means it probably is pretty bad songwriting and I'm just biased toward giving it a pass because I agree with its points.
Then again, being that it appears that its main purpose is just to help students remember some terms, it should probably be judged by its effectiveness for that purpose, not by the standards of great music.
The lyric "Don't let bias into your mind" is misleading. As we all know, bias is already in our minds, and it takes massive conscious effort to get it out, not to let it in.
I suspect it isn't much good as a mnemonic device for the same reasons it's a bad song. Undistinguished tune, weak rhythm, almost no rhymes-- there's nothing for the memory to grab onto.
I will not summarize this. Or transcribe it. It's just funny(video link).