No, it's not a parody or a skit. It's an actual show with real people who are genuinely vapid—or at least, don't care being portrayed that way as long as they are on TV.
#RichKids of Beverly Hills has a hash tag in its title, which hints at how dated this shit is going to look in a year. But then again, no one will care in a year anyway because it's ultimately unforgettable. The show follows Dorothy Wang, daughter of a billionaire mall developer, and Morgan Stewart, daughter of another super wealthy real estate developer-type guy.
They make Paris Hilton look like Ivanka Trump. The only truly remarkable thing about them is how ignorant they are. Dorothy, who is Chinese American, manages to say something racist about Asians. At one point Morgan says that she looks like she's from Kenya, because her tits are "sagging below [her] waist" in front of her female black trainer. She also denies that homophobia exists ("unless you're from Kentucky"). None of the people on the show seem to recognize that their words might have any meaning—probably because they typically don't.
Most of the episode centers around this blood donation drive event that they are organizing, which leads to lots of ill-informed discussions about homophobia and minorities.
Ultimately, though, these people are as boring as they are rich, and not worth watching on television.