This video is a great illustration of the mechanics of running with a storm. It's hard to see this kind of thing live, becaue nobody wants to get a camera out in these conditions, plus they're hanging on for dear life and can't film. In this case another vessel was following them to capture the action.
The waves aren't that big, but they sure are steep. You can have huge waves out there, but if they're not breaking they pose no danger. These are short, steep little monsters, and the possibilities of pitchpoling or a knockdown are obvious.
This boat is doing the right thing with a small jib way forward and running with it, but they still keep broaching. Probably time to consider streaming a drogue from behind, or a sea anchor off the bow. Something tells me heaving to wouldn't improve things much.