Certainly a kernel of truth here, but it IS a caricature. I sometimes ride with a group of 50-80-something roadies — all very nice folks who LOVE cycling and in most cases have been doing it avidly for decades.
True, lots of fancy weigh-nothing (unmotorized) road bikes and sponsor-covered lycra. But it's still about the joy of cycling for them, and that's what counts.
As in the video, you'd never take many of them for any kind of athlete, but they can still outride me all day long — and that's with low-medium assist on my part. And no, the assist isn't just making up for my 10 kg of extra bike weight.