Ya, this is a studio track and heās ālip syncingā along to it. The wah part sounds like it might be an auto-wah effect, meaning that itās 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 heās 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.