I've seen that happen once before. There was a construction site up stream where somebody was using the fire hydrant and shut it off too quickly.
Looks like that break did some heavy damage to the road. The water is bubbling out all the way across the street and down some. Hopefully they excavated and repaired the area properly.
As for lifting the road, I've seen a fire hydrant with an 8ft cast iron riser and 20ft cast iron horizontal fly straight out of the ground during a pressure/leak test because nobody bothered to pour the concrete kicker around it. Ended up about 30ft from the giant crater it left behind.