..the rider made his situation worse once he began to stray over the double yellows when he panicked and hit the brakes (you can clearly see the bike lift out of the turn and straighten up).
A better "oh make the beast with two backs" strategy is to try to learn to go the counter steering and lean.. lean..lean.. stay the make the beast with two backs off the brakes.. or the bike will do just as this guy's did.
You're right about the correct response, although I suspect he'd have been in deep shit regardless. Not much lean to be had on that thing, particularly when sitting upright in the middle.