Nice magnet! And sorry for the delay in responding. @Johannes has it right - you’re using elbow motion, and you’re using forearm rotation for the “2wps” motion. There is really no wrist motion here at all. I think you can see in the clips you’ve filmed that the wrist joint really isn’t moving. If it is, it’s so small as to be negligible and I would essentially ignore it. This is an elbow technique.
We don’t see much elbow and you look to be pretty comfortable with it. So overall you’re doing fine. I can offer some feedback on a few things that jump out at me.
Number one, it sounds like you’re really plowing through the strings here, to the extent that it’s affecting the sound and possibly the smoothness of your motion. Lots of things can cause this. I’ve never used Ultex, is it a very stiff material? Because a stiff pick with a “choked up” type grip can cause that stickyness. This type of setup does not allow the pick to move at all so it fights its way forcefully through the string. If you use too much pick on the string, or don’t use enough edge picking, that can also contribute. You don’t necessarily have to go changing any / all of these things deliberately. I would simply say, try to get more smoothness in your attack, however you achieve it.
Two, the “2wps” motion is very pronounced, almost exaggerated, to the extent that it sounds like it’s causing timing inconsistency in your playing. Like, you have this even picking rhythm going which is disrupted by these big rotational movements of your arm. If you watched Antigravity, or the Vinnie Moore “Pepsi” chapter we put on YoUTube, when Vinnie does this, the motions are so gentle you really can’t even see them without slowing the tape down. I’m quite sure he has no conscious awareness of turning his arm. In your case, since you already have a strong handle on this, you can even try to trick yourself by telling yourself to not make the motions at all. If they are already learned, then you will still make them. But they will just be more graceful and not as obvious.
The name of the game here in both cases is smoothness. I wouldn’t worry about speed at all. Your motions look fine and we already know elbow motion is fast. One thing you can do is check out some of @Bill_hall’s posts here. He’s a great elbow player and even though the motion looks like it would be super athletic, he has a nice even touch with it.
Short tip on magnet filming: several of the closeup shots are out of focus. If you don’t specifically lock focus on your picking hand, the camera will grab the background through autofocus and lock on that. That’s why the backgrounds are sharp and your hand is blurry. On the iPhone, you have to touch and hold on the screen where your pick is, and then a second later a yellow box pops up when you are locked. Then you’re good, the camera will not refocus and the color will not drift when you are filming.
Again, good work here. You have a solid foundation in elbow mechanics and just need to dial in some smoothness to make the attack and timing tighten up.