Yes, that's what it is. There's a pier, and youngsters burst through those paper hoops you used to see in the circus, when the star performer wanted to make a big entrance. The only difference is that they're diving -- which is what the title implies -- and some of the screens are rectangular. They're called 'hoops', but that's in the 1902 American Mutoscope & Biograph catalogue. The date on the copy I saw was 1902. I imagine they did that in orer to make people think this was new and exciting.
Judging by the fact that the boys jumping through don't look like professionals, I'm going to guess this was done for an event, so they could look like star performers. It was probably a regular gimmick of the pier.