The footage certainly looks like a live ejection, but at normal speeds. Aircraft manufacturers do actually have to test these things, and record how they operate. You don't want to have the first time an ejection seat is tested, to be when you need it the most. Two things about the picture that seem off.
1. The flames coming out of the seat's rocket, there is no smoke. At that speed and altitude, the gases would condense almost instantly. The flames shooting straight into the cockpit would certainly takeout the circuit-breakers located aft of the ejecting crew man.
2. The Russians are pretty unorthodox when it comes to their testing parameters, but I find it tough to believe they would sacrifice a multi-million dollar fighter for a movie stunt. What insurance company would underwrite that? Besides ejection seat tests are usually held in aircraft where each pilot has their own canopy. The pictured Sukhoi has a single canopy for both pilots. What if this didn't work out as planned, which happens more than appreciated? I can't see a Russian commander sacrificing the plane and pilot for such a stunt.