I daresay, I much prefer the art in old-timey menstrual product ads to the stuff now, lol.

But good lord, that is a HUGE pad!!
It sure is! The size appears to be the old "maternity size" pad that stores used to supply for post partum use.
I'll just bet they're eating watercress sandwiches and drinking mimosa tea. Lovely sketch, indeed.
I'm taking a history of decorative arts class right now and the instructor really emphasizes how art and design changed to suit women from Victorian times to the 20s. I can appreciate this image so much more now - here are women unchaperoned, wearing light clothing (instead of corsets and bustles), going for a drive and enjoying their time together - how very 1920s! Apparently public bathrooms only used to be for men so women could only leave the home for a limited time - here are they are unbridled by their periods too :-)