Martin Scorsese might be one of the most revered filmmakers in history, but even he isn't above poking fun at the madness of modern moviemaking — especially when he’s part of the punchline. In the debut episode of Apple TV+’s new satirical comedy The Studio, Scorsese drops by for a cameo that’s so sharp it had him laughing in recognition.

In the series, which premiered with two episodes and continues weekly on Thursdays, studio head Matt Remick (Seth Rogen) is thrilled to land Scorsese for what’s billed as his final film. The director wants to make a sober drama about the Jonestown massacre — a heavy, historical piece about blind faith and tragedy. But there’s a twist: the studio’s new boss (played by Bryan Cranston) has promised shareholders a blockbuster based on… Kool-Aid.

In a move that, in its brilliance, the audience can all see coming,...