In the exact moment that we laugh, are we happy at least within that moment?

Happiness is often like a reflex. If something hits that reflex, you are happy for a little while. Sometimes laughing is because you are happy. In those cases, no surprise, it is real happiness.

Of course happiness is more than just a reflex. Really there are all kinds of happinesses, but we seem to need a certain ballance of happy vs. other things going on at the same time to feel like we are really happy.

So yes, you are happy for an instant, but not really happy. It's both.