What I meant to say is that it is using Canvas 2D, instead of Canvas 3D, also known as WebGl. Antirez gave a wonderful explanation above[1]:
And indeed it is pretty impressive how fast the rendering happens given that the code operates at such lower level... Even selecting the color of every pixel requires non trivial work in the inner loop
[1] Of course, it gets more complicated if you want to be more realistic, like including a field of view (cone) rather than a screen-sized chunk (prism) of 3D objects, and so on, but these are just details.
What I'm seeing in this demo is 3D in every sense, the code is basically a very simple 3D engine, and it requires knowledge of computer graphics to understand it, so the top-level commenter here asked a valid question.