The tune is actually an English Country Dance tune called 'Portsmouth.' Its but one of thousands of 'folk' tunes published since about the 1650s to the present day. Many of these folk tunes carried a nursery rhyme which likely was disguised political commentary of events at the time.

Critics of Sharp's revival of ECD (which included the original dance 'Portsmouth') termed them 'little ballets.' The ECDs as published in Playford's "Dancing Master" volumes were all aimed at the upper classes. These were not the dances as danced by the lower classes (about which there is little recorded information but which likely included step dancing).

The dance in the YouTube video has as much to do with the general public as the ECDs ever did. The performance - yes entertainment performance - is ephemeral. Balletic. Accomplished. Akin to a minuet of the upper classes.

But NOT folk dance.