Local news stated 2 pilots dead. Eye witness saw the plane doing “tricks”. Witness said it was in a free fall straight down, and never pulled out.
I watched that video you linked to below, and also heard the “tricks” comment. (An aviation aficionado, or someone never exposed to aircraft?)
Could be something as simple a “break” where all aircraft strip away from a fly in, one at a time coming in for a landing.
Also heard something about them all heading to the ground and pulling up at the last minute, one at a time. Touch and go landing practice in preparation for a carrier qualification det?
Will wait on the official word.