i do think that is a lacking feature, you could select the rings and do a subdivide with W+S but you dont get the fine control afterwards.
and im most cases, using CTRL+R and using the mouse wheel to add another iteration is easier.
I think the shortcut you’re looking for is CTRL+SHIFT+R. This will create an edge loop on both sides of your selected edge loop. You then move the mouse to move those edges in relation to your selection. This also works, like the video, if you have multiple edge loops selected.