Yes, I agree. This is to really “show off” so the horse is getting bagged a little (or anticipating being bagged). I think absent that extra stimulation the horse would be much quieter. I have seen the horses at Devon being bug eyed in the ring and then be much calmer in schooling. They’re intentionally jazzing that horse up in the video.
For a similar comparison, my yearling showed hunter breeding all year where he was expressly taught NOT to run people over or act like a fool while being stood up and jogged. Then he did the YHS series (a qualifier and a final) where they crack whips at them and get them running. And he did. He did some IMPRESSIVE airs. And then 2 weeks later was back to jogging politely in hand for HB. They know the difference and they react to the stimulus around them. If you bag horses who are trained to respond, they will get a little wild (that’s part of the goal). Doesn’t mean those horses are always acting wild.
I do hunters so I am not looking for that wide eyed response but that’s what they want for other disciplines. It’s, to some extent, trained behavior.