That is the right flight profile for a long distance flight - up, down to pick up speed and glide.
I am envious. Very few of mine have ever gone past the 30m mark. The ones that had were lucky to catch an updraft. Granted, I never had a football pro throwing them.
The really interesting thing here is that it looks like it was made out of normal paper. I have always found rice paper (the one engineers and navigators used to use for copying stuff in "lower tech" days) to yield much better results. The design looks conventional too - I cannot see any extra folds down the middle, wing folds, etc (these allow you to get longer distance with a less "crazy" flight path). In fact, it all looks like the old adage: "Pigs do fly, if sufficient thrust has been provided". Lots of thrust on this one though.