Not sure whether that was fun or not. I wouldn't have enjoyed being those Haredi guys.
Looks like bullying - the Arabs know they have the Haredi boys at their mercy, but they're only interested in showing that they do, not taking (real) advantage of that.
If you listen carefully you can hear someone shouting "Itbach al yahud", kill the Jew (at 0:54 playing time).
It actually sounds like "Allah hu Akbar" but either way it's putrid.