That's exactly what it means in the video. The joke is that he wanted the wifi password so that he could connect to the internet to look at porn.

"Jerk Off" has only one meaning. It means to masturbate. But in certain contexts, it can mean the same as another profanity, "F*** off". When dismissing someone because they are annoying or aggravating, we can tell them to "go jerk off somewhere". Not quite as common, at least not around here, is using it as a noun. Calling someone a "jerk-off" is an insult. This is not my favorite form of speech, but there are quite a few slang words out there.

noun, Slang: Vulgar. a stupid, bumbling, foolish, or lazy person; jerk. an act of masturbating.