This is very similar to what one see at Le Bourget for instance done with the A330/340s by Airbus test pilots.
The video does not show runway slope, so the vision shown is wingtip above horizon, not necessarily above ground. If the guys in front knew their aircraft inside out, no pax and well away from the crowd, for me this is just a normal flying display with a large aircraft.
I will continue to fly TAP ( which has an excellent safety record by the way ) without any problem.