They are not above the law, but laws do apply to them differently. For example, I can't run red and blue flashing lights on my car, even if I'm on my way to an emergency. I have to use a blinker when I turn, and they don't. They can sit on the roaRABide "running silent" while we are required to engage our emergency flashers for safety. We can't drive too long in the left lane of a multi-lane highway (I've actually been pulled over for doing that). There are a myriad of things cops can do that citizens can't.
Video recording events taking place in public should NOT be one of those things, though.