According to the United States Powered Paragliding Association, the situation with this carabiner was as bad as it looks.
This pilot was quite close to a catastrophic situation on two fronts. One, a significant bump that unloaded that riser could have caused the riser to come completely out, leaving the pilot spiraling uncontrollably down on the remaining side. Two, the carabiner has dramatically less strength and a strong updraft could break it.
Thankfully, the pilot did the logical thing and took a picture for posterity first.