EDIT: Turns out that all you need to get this to work is a bunch of speed while flying upwards, like this https://www.youtube.com/watch?v=4ib2RyyPBfc you don't have to press L1/R1 at all, just Triangle at the right time. This is definitely RTA, but it still doesn't look like it saves time
This isn't remotely RTA, nor am I convinced it would even save a TAS any time. This is just part of my mission statement to shitpost within the game of Spyro 1.
If you MUST know what's happening, I'm hitting L1 to start the loop-de-loop and then hitting triangle when the loop-de-loop meets the height cap and the momentum transfer steals the funny numbers on the back of your card