You're right, it is a play on words with Juan Ramón Jiménez's book.
Platero Y Tú was very popular in the Spanish hard rock scene of the 90s, building on the success of heavy rock bands from the 80s like Barón Rojo (who got some success even out of Spain and recorded in the UK) or Obús.
Being from the Basque Country (Bilbao) and living through very complicated times there, they kept away from the very politized scene of Rock Radical Vasco and, on the contrary, they offered a good dose of urban rock, with 95% of their lyrics in Spanish and not in Euskera, focused on sex, drugs and rock and roll with a small and contained portion of the classic anti-system pose.
Singer and leader Fito Cabrales has got even more popular with his new band since the early 2000s, Fito y los Fitipaldis. They have even reached the Top Ten in the Hit Lists from formula radios with a nice mix of pop and rock. He has betrayed his fans from the 90s, though. 😉