Should you refrain from overtaking this vehicle in the presented situation?

Yes, in this situation, you must absolutely refrain from overtaking. The video shows a narrow roadway, a pedestrian walking on the right verge, and an oncoming cyclist. Attempting to overtake in these conditions would create a huge danger for all road users. According to Art. 3 of the Road Traffic Act, a driver is obliged to avoid any action that could cause a threat to safety.