I think good satire can be one of the highest forms of political commentary. From Jonathan Swift, to Mark Twain, to Charlie Chaplin to Lenny Bruce, to Tom Wolfe... their effectiveness was in their ability to make strong points using humor.
Most recently, look at Ann Telnaes. Her cartoons were taken so seriously the WaPo wouldln't print them, so she quit.
Neither she nor Borowitz are finding this stuff funny, but they are using their talents to make some strong statements in a very effective way.