Or, does this vehicle, after acceleration has completed, purport to continuously travel faster than the wind at an indefinite steady state?
Yes. The vehicle can go faster than the wind in steady state condition. Depending on efficiencies 'any' velocity is possible. It creates thrust by leveraging the different speeds of two media (air and ground). Also works as a boat with two propellers.
On the craft is a ribbon, it's dangling from the front of the craft. This is called a "telltale" because it tells the direction of the wind from the perspective of the craft. If the craft is at rest, then the telltale points downwind. And if the craft is moving faster than the wind the telltale points the opposite direction -- backwards, if the craft is moving downwind.
What you can see from the runs is that while the telltale is pointing backwards (so, the craft is moving faster than the wind) the craft actually continues to accelerate! In fact while the landspeed record was set as 2.8x the ambient windspeed, the craft was still accelerating, and would have gone faster had they not had to brake.
The videos have a lot more to say and I found them really fascinating and counterintuitive, I wanna really emphasize that you should watch them if you find the idea banal or trivial.
That would break the laws of physics wouldn't it? Which is exactly why the professor took the bait.