Private property doesn't give you a right to drive recklessly in a parking lot open to the public. That officer must have been a newbie and you were lucky.
If he were new I would have expected him to sit there and argue a bit, maybe fly off the handle and curse a bit like the officer in the video above. This guy was middle aged and knew there was nothing he could do. He literally left within moments and said nothing further.
As for reckless driving laws... those laws apply to land which is owned and maintained by the public at large, cities, counties, states, etc. These laws do not apply on privately owned land and courts all across the country have upheld this.
You're absolutely right that simply being on private property does not allow you to endanger the lives of others. Proving that those people's lives were in danger is another story... and not one which will be determined by a traffic cop in the middle of the night. Oh, he may arrest those boys, if he's bored or new but they'll be out the next day when the charges are dropped.
I typically support law enforcement but when it comes to private property and private property right, I'll defend that against anyone.
At the most, the officer in the video above could have asked the proprietor of the property or a representative thereof if he could lawfully remove the ricers... that's about it.