The effect was made for an upcoming game Beacon of Neyda.
Developers from the Argentinian indiedev team Ghost Creative Studio have recently shared a short demo that showcases a neat parallax effect they made for Beacon of Neyda, an upcoming post-apocalyptic side-scroller strategy game with old-school pixelized art style the studio is currently working on.
According to the developers, the cinematic effect was achieved in Unity by attaching one camera to the character model, which generates parallax, and putting a static camera in another part of the level pointing at another character, achieving the desired result by moving the main model. The team commented that they will likely add this effect to the game after they solve the "dizziness" problem.
And here are some earlier demos shared by the team:
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