Yes, that is a nasty hit. I'm glad to hear everyone survived. The guy that got knocked overboard could have taken a lot of damage.
I was in a very similar incident a couple years ago, on a much smaller scale, but the First 30 that hit us has a fairly plumb bow so it didn't ride up like the J Boat with the long overhang. Just like that video we were on starboard heading into the windward mark and the port tack boat tried to duck. They told us after the main sheet got stuck, the helm loaded up and he could not bear away. Here is the damage to the First 40 I was on at the time, I was trimming the jib at the forward winch and saw him coming so ran to the high side, just like the guy that got knocked over on the J did.
And here is the bow of the First 30 that hit us