At RAFC there are two types of ‘cadets’, those that have a degree and those that do not.
Cadets that hold a degree are technically commissioned from their entry in to service (whether that’s on attesting at Cranwell or for a few prior to that as they were sponsored at university and hold a commission before arriving at Cranwell, typically in the rank of Acting Pilot Officer and attending a University Air Sqn). At Cranwell such cadets are known as ‘Student Officers’.
Successful graduation from Cranwell confirms their commission.
Those that do not hold a degree are technically Airman, and are not commissioned until graduation, such cadets are known as ‘Officer Cadets’.
Both Student Officers and Officer Cadets wear exactly the same uniform on IOT at Cranwell (Officer uniform with white band on their headdress), and are treated exactly the same by the directing staff. Both Student Officers and Officer Cadets live in and dine in the same mess, both are required to complete the course to the same standards.
On graduation Student Officers seniority will carry through from the time they were originally commissioned, whereas Officer Cadets seniority will commence from the graduation date. This means that most Officer Cadets will graduate as Pilot Officers, whilst Student Officers will usually graduate as Flying Officers, or in some cases Flt Lt (in the case of Specialist Entrants and Re-Entrants - SERE, some may graduate at Sqn Ldr Level because of the time taken on their degree and because of their role (doctor, lawyers etc)
When the video above was made only the Parade Commander, Flight Commanders and Escorts carried swords, this has now changed and I believe all graduates now carry them.