I watched the clip and was glad I didn't go see the movie because I would've been screaming in the theatre will all the made up nonsense and ridiculous procedural depictions (no crew acts like that), and eventually walked out. Just infuriating, because the public comes away thinking that's how things are done.
You should assume ANY technical detail you see in a movie is the made up imaginings of a screen writer, except with rare exceptions, like Apollo 13. There almost certainly would have been a debate between the screen writer and the technical consultant on the movie, who would've been similarly ranting about the technical details, but procedural and technical realism might have taken the edge off the drama so the producer would go with the screen writer.
In the real world, a T-handle in an airliner cockpit will most likely be for one of 3 things:
- To disconnect left and right control systems for pitch or roll control in case of a mechanical system jam in a conventional system with control cable circuits. They will be pull and turn to lock, and normally located up on the center console somewhere in prominent spots, releasing a lock that allows each side of a torque tube below the cockpit floor, that joins the left and right elevator or aileron control systems, to move independently.
- To operate an hydraulic dump valve for the landing gear for emergency extension. Pull and turn to open the hydraulic circuit to the gear actuators so the actuators can't impede the gears' freefall down.
- Parking brake. Pull and turn to lock, sometimes while holding the brake pedals forward, to lock the brakes on.
A handle that is not painted with a red/white or black/yellow barber pole pattern with prominent labelling, like the one in the picture, I would assume is a parking brake, although I would make sure before I tried to use it.
When the copilot pulls the T handle on the right side, in a normal world that would have been pulling a pitch disconnect to allow the left and right elevators to move independently, which is what you do with an elevator jam or runwaway. Unfortunately the dialog is total gibberish.
So treat all movies, except those that went to specific lengths to depict things accurately, as "science fiction", and temporarily suspend disbelief. Good idea to extend this to all films depicting any technical topic, like, say, nuclear power. And news reporting, while you're at it...