This is a tool-assisted speedrun, made on an emulator, using frame-by-frame shooting, savestates, and rerecords to overcome reaction time and human error. As such, it is purely a form of entertainment, and is not designed to show skill.
As for the movie itself... This is Bisqwit's 2nd attempt but our first publication on record. It uses the same warp route as modern movies but does not use modern time-saving glitches (as they were not known at the time). Power-ups are avoided in this movie. In 1-2 there is a nice use of a wall-jump to save time.