One of the buildings destroyed during the Superman/Captain Marvel fight is the Lena Luthor hospital. In the comics Lena is Lex's mother, sister, or daughter (in different versions).
In this episode, Captain Marvel is at odds with Superman. Captain Marvel's voice actor, Jerry O'Connell, would go on to voice Superman in several animated films from DC.
This is Captain Marvel's second animated appearance. His first was in The Kid Super Power Hour with Shazam (1981-1982)
At the school's board, the year 1939 is visible, and is when the Captain Marvel's character was launched.
The school that Billy Batson went to was C.C. Binder Elementary School. This school was named after C.C. Beck (creator of Captain Marvel) and Otto Binder (writer of many Captain Marvel stories).