It i totally reasonable. See the thing is copyright law doesn't have exceptions in the fair use doctrine for betas or alphas or anything like that. They don't say that a dev can get around fair use by calling their game a beta. It's actually a good representation of how much control devs have over their copyrighted work. If they made every purchaser agree to a similar agreement they could and throwing out terms like fair use or parody wouldn't invalidate the terms you as an end user agreed to. Its just people conveniently choose to play dumb or make exceptions to what they find morally reprehensible when it suits them.
Until the game is released, it's not legally considered media for fair use laws. It's under trade secrets laws. If you work for a company and you leak unauthorized information about the game that hurts sales, you are fired and you are getting sued for as much as they can take from you. By applying for a closed beta, you are agreeing to be an unpaid tester on their unfinished product. If you leak unauthorized information, they will do the exact same thing - boot you out and sue you.
Authorizing any information release at all is extremely risky when Marketing hasn't had a chance to put their positive spin on it. The fact that they're allowing any kind of video is very generous to the testers, not some draconian move that means they should be condemned. Unreleased software is absolutely subject to different laws than released software, and to say otherwise is either being misinformed about the law or deliberately obtuse.