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colas said..
This is also air sucked from the surface, along the mast. You can see how the mast has a problem as it creates such a big wake, redirected upwards meaning that air has been displacing the water to get down the mast.
100% Ventilation.
Perhaps. But in this case, there's no evidence of that in the video. Here's a screen shot from the video (with slightly enhanced contrast):

There are no bubble visible that travel down the most. There are still bubbles near the front wing, which may be from original ventilation event. There are more and/or larger bubbles further back, towards the stabilizer. It's possible that these bubble were pulled down when the stab got really close to the surface, which would make it "tail ventilation", not cavitation.
The comparison to the Axis tip breach movie is very interesting. In the Axis movie, I did not see any stab ventilation at all, and he seems to keep control after the tip breaches. With all the bubbles around the tail wing, it would loose lots of lift, leading to the nose dive and crash, as opposed to a slower descent from loosing only front wing lift.