Hyde does have the capacity for cleverness, but it's almost always overshadowed by his desperate desire to make sure everyone knows "I'm being edgy right now!!" He also probably believes, despite constant evidence to the contrary, that Rachel is a sheltered virginal girl-child who might not get his incredibly subtle sex reference.
Or . . . does he believe that? I think part of Hyde knows and respects Rachel on a more genuine level, but another part of him is constantly simulating the illusion that he is Cooler and Eviler than everyone else. The cognitive dissonance sometimes makes him think dumb stuff. Again, Hyde is basically a teenager.