(this topic assumes you are familiar with unlimited colors manipulation on emulator) http://www.soniccenter.org/rankings/sonic_colors_wii/bosses/terminal_velocity_boss
I believe this was achieved via emulator
my resources of belief:
this persons video remains but no trace of his stat im guessing because he was banned? but this time was done with emulator 2:26:80https://www.youtube.com/watch?v=ERaPSrLNMRc
(also note imazor017's run)
while this guide is unverified he knows what he is talking about but again this person is describing an emulated run Backed up by that video I posted above. (if you take it frame by frame)
I've also noticed you have ds SRA TAS runs on youtube and thishttps://www.youtube.com/watch?v=IuqjSziTXZs
which seems like a bugged out version of sonic colors.
the missing piece is video proof is a verified console run (which I have but have yet to upload atm) of a "perfect combination run" with fast hits and the quickest cube segment you can hope for on phase 3 according to the footage of my run vs the emulated run the only difference is about .3 seconds on the final hit before unlimited colors, and obviously his unlimited colors activating well before mine. turns into me losing well over a second
this is a good resource to compare to the first link I realize this is overwhelming if you never played ( even to some who have played) but for those who have the time, I want to try an provide all the tools necessary alert people what to look for.
of course without a video I cant confirm 100% this is an emulator. but with all this, this is the closest I can be, that I can believe this time was achieved via emulator without one. Basically your time is more on par with guides and videos of emulated runs of this boss; that is why im calling this into question.