I think this works because he stays completely in character the whole time, never once veering from that vaguely self-important “handcrafted attention to detail is the only really important thing in life” tone of voice, no matter what words are coming out of his mouth.
[CAUTION: contains some adult language]

Phil Hartman did a similar shtick 20 years ago
🙁
I searched for hours for a suitable pencil to sharpen, but honestly, none of them really deserve it. Now I’m disappointed.
technically, the leather is for honing the blade, not sharpening it, but he can be forgiven for that misconception
Caution: Do NOT include a pencil sharpening knife in your child’s pencil box for school!! Nope… I won’t do that again!
By gum, there is a leather strop in my grandfather’s tomb! He certainly appreciated fine craftsmanship. (Seriously, he did. Made us an engine-powered carousel that was a work of art. The playhouse lasted generations.)
I expect that there will soon be pencil-sharpening boutiques in Manhattan and San Francisco.