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Ya, this is a studio track and he’s “lip syncing” along to it. The wah part sounds like it might be an auto-wah effect, meaning that it’s a wah, but operates on a set speed instead of by manually modulating a pedal. John Petrucci uses an auto-wah a lot in his solos.
The tapping he’s doing at 2:28 is using the edge of his pick to tap, rather than the typical fingertip. Adrian Smith from Iron Maiden used to do that a lot in the 80s.
On a related note sometimes pro guitarists will have someone off-stage handling certain effects for them, like kicking an overdrive or autowah on and off at the right times. A quick example, this is how Jim Root of Slipknot gets his ‘wah’ sound in the chorus of “Wait and Bleed” during live performances.