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It's one of the first things you learn in trick cycling and not that bad, really.

As soon as you know the failure modes of each trick and how to deal with each you're pretty safe. This one only has some that are easily caught. That speed, on the other hand...

https://en.wikipedia.org/wiki/Artistic_cycling

If it really is "not that bad", why don't other cyclists in this clip do the same?

Everyone has their own individual levels of risk tolerance and definition of fun.

It may be banned by UCI for the excessive risk. They like to make a lot of rules, like how high your socks can be pulled up.

Last time I discussed this I was told that the bike in question here is fixed gear and in such a race you're not allowed to take your feet of the pedals.

this is up their with dressage, aka "horse dancing"

Don't forget "ski ballet"! https://en.m.wikipedia.org/wiki/Ski_ballet

How is there not a single image in that article..

and canoe ballet: https://youtu.be/9iDVWn77VuM?t=70

(unable to find a decent-quality clip of karen knight, who i have seen spin a 16' sea kayak on a dime with a canoe paddle with no above-water motion.)

Yeah but do you do artistic cycling at 60km/h+? Even a normal fall at that speed hurts a lot without motorcycling gear.

But impressively more efficient!

It is.