The video, an ultra-snazzy paper send-up of top-down shoot, slice, and in all other ways dismantle-'em-up Hotline Miami, comes from Remuslab. It's got bone (well, paper bone) crunching/tearing action, stylish cinematography, blood, and more blood. In other words, yep, that's Hotline Miami.
Remuslab has been breathing life (followed by death) into paper renditions of games for quite some time now, producing other impressive creations like one about Mass Effect:
And also Minecraft:
Paper Half-Life 2 is, much like the game it's about, getting up there in years, but it's certainly ambitious:
So there you go. Paper is still good for something after all.