Fun Fact: If it weren't for Mike Myers' persistence, Bohemian Rhpasody wouldn't have made it into the movie.

Here's what he had to say about this scene, in a 2014 interview with Marc Maron:

An example of something I fought very, very hard for and it was my first movie, it was “Bohemian Rhapsody” in Wayne’s World. They wanted Guns N’ Roses. Guns N’ Roses were very, very popular, they were a fantastic band . . .

Queen, at that point, not by me and not by hard-core fans, but the public had sort of forgotten about them. Freddie [Mercury] had gotten sick, the last time we had seen them was on Live Aid and then there were a few albums after where they were sort of straying away from their arena rock roots. But I always loved “Bohemian Rhapsody,” I thought it was a masterpiece. So I fought really, really hard for it. And at one point I said, “Well I’m out, I don’t want to make this movie if it’s not ‘Bohemian Rhapsody.’”

but the studio was opposed to using it. He got his way after threatening to quit over it.

An example of something I fought very, very hard for and it was my first movie, it was “Bohemian Rhapsody” in Wayne’s World. They wanted Guns N’ Roses. Guns N’ Roses were very, very popular, they were a fantastic band . . . Queen, at that point, not by me and not by hard-core fans, but the public had sort of forgotten about them. Freddie [Mercury] had gotten sick, the last time we had seen them was on Live Aid and then there were a few albums after where they were sort of straying away from their arena rock roots. But I always loved “Bohemian Rhapsody,” I thought it was a masterpiece. So I fought really, really hard for it. And at one point I said, “Well I’m out, I don’t want to make this movie if it’s not ‘Bohemian Rhapsody.’”

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"An example of something I fought very, very hard for and it was my first movie, it was “Bohemian Rhapsody” in Wayne’s World. They wanted Guns N’ Roses. Guns N’ Roses were very, very popular, they were a fantastic band . . . Queen, at that point, not by me and not by hard-core fans, but the public had sort of forgotten about them. Freddie [Mercury] had gotten sick, the last time we had seen them was on Live Aid and then there were a few albums after where they were sort of straying away from their arena rock roots. But I always loved “Bohemian Rhapsody,” I thought it was a masterpiece. So I fought really, really hard for it. And at one point I said, “Well I’m out, I don’t want to make this movie if it’s not ‘Bohemian Rhapsody.’”