More like a fake video, perhaps as part of some comedy programme or
other.  There's no puff of powdery smoke that I've seen when an airbag
explodes, they're inflated with a small explosive charge, and are
supposed to deflate immediately because they're not airtight (although
it does appear to deflate when he pushes it out of the way).

Also if the old lady is standing at the edge of the road and needs a
horn beeping to wake her up then why did he screetch to a stop in the
first place (which you don't see, only hear).

In the mpeg version of the video I've seen you can see the airbag take
about 1/3-1/2 of a second or so to inflate (you can see it take
shape), which seems far too slow for the descriptions of airbag
inflation I've seen in which it happens so fast that the air displaced
can supposedly harm hearing and/or blow out a window, and if it
happens too late or the driver is too close to the wheel, can cause
nasty injury.

Finally of course, it seems too funny to be true, especially the
comedic jump of the old woman just slumped there at the side of the
road, put together the whole thing just doesn't ring true.  There's so
much fakery around that if it doesn't ring true it probably isn't.