No, they don't. At least, not in German. The two schwa vowels are distinct in German - the first gets [ʌ], and the second gets [ə], and they are allophones of different phonemes.
the eu in german is pronounced like english oi, so I don't see quite how they rhyme (I suspect you might be confusing eu with ue, which would be the english transliteration of ü, which would be a near rhyme to the lu in hallelujah), but they scan hilariously the same -- thanks for the chuckle
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(Who, me, pedantic?)
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However, for writing filks, that's all that's necessary.
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Re: The OH and I just realized...