yes and no. When I'm high things aren't especially funny or cool, its just a different outlook on them. I do know what you mean be exaggerated, I used to get that all the time.
A lot of people do get the giggles though. Most people who smoke regularly tend to move past them after a little while. I've had one or two giggly sessions in my career, but thats about it. I have one friend who giggles inanely everytime he smokes. But he's also a total lightweight and smokes infrequently at best.

Different people, different highs.