20 years of watching Top Gun and I only noticed this today, after almost an annual repeat!
At 00:29 in this video, you can see what seems to be condensation swirling in the wake vortices.
Up until today, I thought this was just a cool shot catching some serious condensation under a high-G maneuver. However, if you look closely, you can see that it's actually a fuel jettison! At 00:38, it's very obvious.
I'm guessing that this is nothing more than show-boating and it sure did produce a cool shot.
Fuel jettison/dumping is used to reduce landing weight in emergencies but, is there any tactical/ops reason to do this?