I'm the original poster who started this thread. I found the link on an alternative news website. There was no story line provided alongside the video at all...just a headline, which was similar to the one I titled this thread.

The video looks real to me and I get a sense that the cyclist did inch slightly to his left...possibly a jerk reaction to the initial sound of the impact of the cars, without having a clue as to what actually happened. An experienced cyclist, aware of 'normal' hazards to his left may have been self disciplined and conditioned enough to automatically avoid swerving into possible approaching traffic from behind despite what is happening around him.

After saying that, I don't know what is capable of being produced in the studio with modern technology. I can only say that I've never seen Hollywood produce anything quite so realistic. But they tend to always favour more pizazz and sizzle and this just didn't have enough spark and smoke.