Did the round actually come back via trajectory or did it ricochet of something?

It probably didn't go around the world, otherwise, it would have hit him from behind.
It looks like a richocet. I didn't have the sound on, but if he was shooting at a steel target with that powerful of a round, it's quite possible it bounced straight back. Especially if the round was full metal jacket instead of plain lead.
I just found another site showing the same video with a bit of commentary:
Ricochet Danger Shown in Video « AccurateShooter.com Bulletin