I do hydrodynamic modelling at work but on much larger scales (hundreds of metres to tens of kilometres - with FVCOM (http://fvcom.smast.umassd.edu) in particular) and the turbulence is handled by sub grid scale parameterisations, like you say (in my case, the model used is GOTM: http://www.gotm.net). I wasn't sure if these renders were using the same techniques or were pretty animations which looked OK.
But there's no way it gets the detailed physics right (kinetic energy spectrum, detailed free-surface position) - that's a research-grade problem requiring massive amounts of computer time.
For me, it looks really fake. The swirls of water look more like smoke than water and the droplets splashing around look really gloopy almost like jam. Not to take anything away from the render, it is amazing.
edit: OK, I downloaded it with youtube-dl and sped the playback rate up to 2.5x and the water looks more realistic with a faster rate.
edit2: I sped up the video and uploaded it back up to vimeo.