1) As you note; blow the sheets. (It appears that only the jib was released, but the main was still cleated.)

2) IF reaching, not beating -- Bear off downwind ABRUPTLY TURNING. The speed of the turn is important because the inertia (centrifugal force) of the weight aloft will help hold the windward side down during the turn, then once headed downwind the boat speed reduces apparent wind and the boat can be further reefed. Hard to tell the relative wind angle from the video.

The racers will find the edge. But cruisers and recreational sailors like Tom and I need to reef early, and reef for the gusts...

I was out for a day sail Sunday and the apparent wind varied between about 12 and 23 knots. I partially furled the genoa and left it that way. Yes we were slower during the lulls but we still enjoyed decent averages around 9-10 knots. (We start to reef at around 21k apparent.)