my poodle plays in a scary way - help!

i have a 7-year-old female standard poodle; she’s a rescue, having lived in at least 4 other households/shelter before us. this is my first time having a dog — she’s anxious but calming down with lots of training and some time (we’ve had her for 4 months). she’s doing a new thing sometimes in the backyard, where she gets zoomie-like energy and runs circles around me, while growling and barking and leaping by me. it almost feels like she’s going to attack, but she doesn’t, and after a minute she calms down and is so sweet again.

is this just play? is she playing with me like i’m a dog? i’m not sure what to do - please share your ideas. thanks!