They're obviously not spraying the field: the lead has smoke on; neither aircraft is currently a spray airplane. However, they're dong a low pass, a little high were it a spray run, on a cotton field. Stearman, N3N's, and other similar aircraft were commonly used for spraying. The video doesn't make clear the purpose of the run, whether is practice, training, demonstration, or what the case may be, and I won't speculate or conclude the wisdom of the act based on unknown information. Flying low isn't unwise, nor is formation nor is low altitude formation, nor is low altitude formation flight near obstacles. I've done that myself for many years, starting nearly four decades ago, as a teenager.

Flight in a field, be it cotton, corn, wheat, or any other crop, will always be near obstacles, whether it be farm equipment, standpipes, irrigation, powerlines, etc. One doesn't climb to 1,000' because the object is there; one climbs high enough to clear the object then returns to the spray altitude. The two aircraft in the video were already at an altitude to which one would normally climb to clear an obstacle; one doesn't climb much higher than that. Whether these aircraft or pilots were part of a spray operation or had spray experience or not is unknown: the point is that this is a regular activity and maneuver, flown hundreds of thousands of times and hours, every year. It's neither stupid, nor reckless. It's routine.

If one has no experience performing low altitude flight, one should seek training, and one should gain experience in an immersive environment. There's a lot to hit, down there. Working close to objects is part of low altitude flight operations. Objects do sometimes get hit. Errors do occur. I've certainly come back with corn in my landing gear, or sagebrush in the wingtip of my C130. It happens; shouldn't, but it does, and in spray work, yes, it's sometimes safer to fly under the powerlines (nothing like reaching the end of a field, rotating, and the airplane doesn't climb).

For a significant discussion about the video, more information is required.