IMHO the so-called excessive celebration penalty should be modified to the point that it only be called excessive if it postpones the resumption of play as normal. Pointing to the sky or crossing one's heart or doing a backflip (safely) is no big deal. Directly harassing the opponent or its fans in some way is another matter, especially if the duration of the celebratory action is prolonged.
What is your take on this HS football play?
I would say that the referee realized that the game was nearly over and that he hadn't thrown his flag yet. Actually, I didn't see anything that was excessive or would be offensive to the other team or their fans. I realized long ago,though, that you never want to place the fate of any game in the official's hands or give them occasion to have that choice.