Plenty of things are more annoying than "Friday" - like the lack of commas in the tags - it's just that most of them don't seem representative of the rapid decline of the quality of music.
This was played *regularly* between shows in children's television timeslots in New Zealand in the late 80s or early 90s. It was expressly designed to make children miserable.
This has a very odd effect on me, it was perfectly between the precipices of being catchy annoying and irritating annoying. So while the tune didn't get stuck in my head, it did make me uncomfortable while it was playing. At the same time, the lyrics are repeating themselves in my head, but not the music.