I discovered this on Twitter via Soviet Cartoons Out Of Context. I don't actually know what's happening but I assume it's a critique of capitalism?
Here's what I learned by running this Hungarian Film Archive page through Google Translate:
The Five Minute Murder is the most popular animated genre of the sixties, one of the most absurd pieces of intellectual cartooning. In his theme, he grotesquely twists the theme of existentialist alienation that dominates modern philosophy and modernist film of the sixties. One of the film's most striking gestures, which links it to modernism, is metaphorical self-reflection: in the film's frame story, a director directs the film premiere, which is immediately executed by outraged viewers after the screening.
Mocking genre films (crime films, horror) based on the thematization and depiction of violence in its genre. The morbid genre parody is made utterly absurd by the chain-like, variation-like serial narrative on the subject, as it sequences only violent scenes from these films without any narrative causality and dramaturgical suspense. The scenes, which are more traditional, imaginable in reality, and unimaginable in animated films, are connected only through the character who becomes the next victim from the killer.
Where is its place in (Hungarian) film history?
József Nepp is the leading figure of Hungarian cartoonistic animation. The popularity of animations depicting everyday situations and public themes with astringent humor is indicated by the fact that in the sixties, in addition to short films (eg József Nepp: Passion, 1961; A Tale of the Beetle, 1963; Tamás Szabó Sipos: Homo faber, 1965; Gyula Macárássy – Vár : Romantic Story, 1964; Ten Deca Immortality, 1966; Attila Dargay: Variations on a Dragon, 1967) was also published in the form of a series (Gusztáv, 1964-1968 and 1975-1977). The continuation of the Five Minute Murder can be interpreted as the short films made in the seventies, also based on an absurd accumulation of violence, which Nepp notes as a screenwriter: Béla Ternovszky: Modern Training Methods (1970), Everything Has a Boundary (1975), Csaba Szórády (1977). The astringent black humor that defines Nepp's short films, with which he examines and caricatures human mortality, took on an all-night form in the Disney and Grimm parody of the bold adult tale Snow White (1983).
Okay that makes a little more sense, I guess.