Lets go directly to polifact then:

https://www.politifact.com/factchecks/2020/mar/17/instagram-...

"The video makes it seem like Trump is calling the disease itself a hoax, which he hasn’t done. The words are Trump’s, but the editing is Biden’s."

"Trump’s comments feed into a conspiracy theory that claims Democrats and the media are fabricating the threat of COVID-19 to hurt the economy and, by extension, the president’s re-election chances. And the president appeared to downplay the threat of the virus at several points in recent weeks.

But the Biden campaign’s ad is misleading. It’s an example of what the Washington Post calls "splicing," or "editing together disparate videos" that "fundamentally alters the story that is being told."