That is easier to pull off than combat mode by far. All you need to do is maintain distance between aircraft at varying air speeds. In fact I think the blue angels already have something similar on the F-18 for a while.
I wonder if the reverse is actually easier.
Operational use or "combat mode" can be 1 drone per large area of sky, quite literally a km apart or so. No issues of collision. Gross spacing of that kind is not hard even with degraded GNSS.
Platforms operating in close proximity will need proximity sensors to gauge relative positions and vectors to prevent collisions. Something which I highly doubt most such CCAs are equipped with? Frontal arc, perhaps the radars can handle that but side/rear/ventral/dorsal?
I guess one fix could be similar to civilian drone swarm displays which uses ground based GNSS stations to allow cm accurate positioning. But do you really want the risk of degraded signals causing your parade formation to fall apart or worse still, collide mid-air over the VIP stand?
Fixing a few platforms with the required sensors to hold parade station just for this purpose is simply too much of the "for show" BS that PLA commonly gets accused of.