Actually it is. It's up at rest, and then slams down clearing for the shot and then stands up ready to shoot again. At least that's the way it looks in the video.

From the Spott Hogg Whammy website:

Have you ever drawn quickly and had the fall-away bounce your arrow off the rest? The Whammy ensures this will never happen. From rest to full draw the launchers are always in the up position, no pre locking/cocking necessary, or need for an additional arrow holder on the bows shelf. The deep “V” of the launchers holds the arrow in securely in place. After the arrow clears, the Whammy automatically resets itself to the “up” position and is ready for the next shot.