There are entire scenes in that movie that would either not make sense or be funny unless you remember the early 90s. I do like it though, but, Jesus, Airplane is hilarious. There are pop culture references in that movie too, but Airplane certainly doesn't rely on them like the WW movies did.
I have no issue with pop culture references, and yes, any movie that's reliant on them depends upon you having been there.
My problem with
Airplane! is nothing to do with cultural references and everything to do with the fact the humour is unbelievably childish. It's a bunch of greeting card gags wrapped up in a movie script.