I am not a pilot or an aeronautical engineer, but these are my thoughts.
The communication with the control tower at the beginning, including the readback, seems spot on with ATC recordings that I have heard on youtube and elsewhere. Hollywood usually doesn’t follow the correct procedure so that stood out as something they did right.
The bang being the first indication that something has gone wrong also seems spot on, or is at least consistent with all of the stories I’ve seen on the show Air Crash Investigations. The way the plane flies after that doesn’t seem at all consistent with a real aircraft problem though. They get weird bangs and the plane shakes, but what is causing that after the initial failure? Seems odd. They are in an uncontrolled dive, and the flight attendant casually walks up into the cockpit? Seriously? First of all, how did she so easily walk up the aisle when the plane is pitching uncontrollably, and second, what the hell is she doing in the cockpit during an emergency?
In real situations where they lost vertical control, the plane tends to fly like a roller coaster. It dives and picks up speed, and the increased speed increases lift and the plane climbs. As it climbs it loses speed and lift and begins to dive again, and the cycle keeps repeating. If a good pilot can recognize what is going on he can get some measure of vertical control just using the throttles to control speed. I have never heard of dumping fuel in that situation and I have never heard of them dropping the landing gear to increase drag. Dumping fuel also takes a LOT longer than just a few seconds.
If they lost all hydraulics they would also lose a lot more than just vertical control.
I don’t know what the “revert to manual control” means. Seems like something made up to me.
The alarms that they are getting are all wrong. You don’t get the whoop whoop pull up alarm until you are about to smack into the ground and they are nowhere close to that. You do get all other kinds of alarms, and there is a sink rate alarm, but it’s not a whoop whoop alarm.
I don’t know why Danzel calls for the flight attendant to operate a control on his side of the cockpit. They don’t have control so he can easily let go of the control column for a moment and lean over. It’s not going to cause the plane to spiral out of control if he does something like that.
In a real emergency I’ve never heard anyone say something like “oh no it’s going back into a dive!” It’s more like “it’s going back into a dive” in a much more controlled voice. The co-pilots overreaction is completely unlike anything that I have ever heard in any cockpit voice recordings of crashes. There was a plane that crashed due to icing on the wings, and the younger, inexperienced female pilot was criticized a lot by other pilots for screaming at the end when the plane had lost all control and was going to smack into the ground and there wasn’t anything more that they could do. As long as there is something to do, pilots just do it. The only time you hear screams and "oh shit"s is when they’ve completely run out of things to do and they are starting to hit the ground.
A pilot usually says “I’ve got control” when he is taking control away from the other person. I don’t see any reason for Danzel to say it as he begins the roll. In real emergencies the pilots also are both doing a lot more things at once and there isn’t enough time to reassure people or tell them to say something to their loved ones on the black box. Usually they are too focused on the actual emergency to think about stuff like that.
I’ve only seen the crash scene and haven’t seen the entire movie, but I don’t know any kind of failure that would make a plane fly like that. As I said though, I’m also not a pilot.
To be fair, sometimes pilots do panic a bit. When you’ve got an entire cockpit crew though usually one person remaining calm is enough to keep everyone else calm. It’s when you don’t have anyone who can tell you what to do and you’re out of ideas yourself that you tend to panic, as in these examples:
This guy got into clouds and lost control:
This woman has absolutely no control over her airplane:
Even though they are panicked, they don’t go into completely “oh no!” mode like the co-pilot in the movie.
ETA: Also, in real emergencies, there are emergency checklists that they pilots will often run through.