Yes, exactly as you've described. The specific combination of Jokers here is making things confusing (and that's the point of the meme). Try taking each issue individually:

Straight can be made with a card gap. So A Q J 9 7 counts as a straight. So the hand will at least be a straight and all 5 cards will score on this basis.

Flush can be made with 4 cards; and spades/clubs count as the same suit. Q J 9 7 count as the same suit and are enough to make a flush. Even though the ace doesn't count towards the flush, it will still count as the straight. If there was no ace then the hand would still be a straight flush.

The way the game scores is tricky sometimes. It gets particularly annoying when I've levelled up flush and my hand also happens to contain 3 of a kind. Then the game counts it as a 3 of a kind instead and counts much lower chips/multiplier.