You notice he only really jerks the wheel when he has come out of an opposite turn.
ie. a left and straight into a right...
I would have thought the jerk on the wheel in this situation is to shift the balance of the weight so it does not slide in to the opposite lock...
ie. prevent a harder turn of the wheel to make the corner, as you know less friction on the tyres would certainly make a few seconds around a track as long at the ring...
make sence???
if not keep reading...
ok so you have a set of corners shaped like an S, so a left then into a right...
So you go through this S with pace, you enter the first turn left smooth as you exit the turn your about to go into a right. However the body weight is still leaning right and you now need the body to lean left (change the balance point). You can either give the wheel a twitch/jerk and set the balance in the opposite direction pre corner allowing you a far less aggressive angle and hence create less tyre friction... Or you can go at the corner with the cars weight still leaning right and wrench the wheel right to make the corner...
Im getting into symantic's details here, but drifting is a good example of weight shift left to right to get the car into a drift without using the hand brake or massive power...
So drifting is about freestyling its about holding a balance point beyond normal practice... Timed events is the opposite, but both are using the same factor to acheive the outcome required...
Lap times are faster with less aggressive cornering, smooth lines, weight distribution and the balance point of the centre of gravity... But most of all, good lap times are about trying to capture every bit of energy and apply that to forwards motion... Any loss of energy is a loss in time, and tyres bleed the least energy in a straight line... So what im trying to say is you want to keep the tyres as straight as possible for as long as possible... This is not only good for creating less friction but its easier on the wallet at theend of a big track session...
does this make sence now???