Yep. That is about how it is done at the plant I worked at. Only one recipe called for "real" smoke and that was recipe not sold to consumers. Everything else was sprayed and cooked.
I believe the time in the oven noted by the video is high. The store stuff these days is half that ~3.5 hours. Cheaper bacon had even less time in the oven.
All bacon was injected prior to the smokehouse. Mostly, the pickle (the injection) was cure, salt and sugar. The premium brands a better (sweeter mostly) pickle.
One thing I did not see was the bacon presses. Prior to slicing, bacon, at just under freezing temp, is pressed into a certain size and shape by a bacon press. That is why bacon at the store is wider than real life; thousands of pounds of force in a press.
As another note, precooked bacon (cooked with a microwave at the plants) is sliced much much thinner than regular bacon. Not a good deal. And prior to packaging, the tips of precooked bacon slices were trimmed (bacon bits). Certain bacon bits are a much better deal at the store than the precooked bacon.