This advertisement appeared in the November 1936 issue of "The Metropolitan Gentleman," which was quite a prestigious publication in its day. Its readership was mainly well-to-do, sophisticated, clothes conscious gentlemen. But no doubt a few of their lady friends would have cut out and saved this ad for obvious reasons!
Did Peter Lorre really wear Alfonso underwear beneath his all of his costumes at least up until the date this ad was printed? There's no way of knowing this for sure. But considering he made very few product endorsements at this point in his career, it seems quite likely he did hold this product in high esteem.