This meme is pure scientific comedy gold! It plays on the well-known effect of helium on human voices (making them high-pitched) while mixing it with a fake news headline format. The joke hinges on a fundamental misunderstanding about helium - it's completely inert and non-flammable, unlike hydrogen which was actually responsible for the Hindenburg disaster in 1937!
The satirical headline about "high-pitched panic" is brilliant because inhaling helium temporarily changes your voice by altering sound wave velocity (helium is less dense than air, so sound travels faster through it). But no, your kid definitely shouldn't light that cigarette - not because of helium (which won't explode), but because smoking is terrible for you regardless of noble gas exposure!