Skydiving and FAA regs

I just got through watching several skydiving videos trying to
motivate myself to plunk down the money to continue my AFF jumps.

As a pilot/mechanic, I have continually been alarmed at the seeming
disregard for federal regulations in the sport, or are they?

Do jump planes operate under a waiver that permits such things as
aerobatic maneuvers, cloud clearance violations, altitude violations,
oxygen violations, and others?

How about jumpers? Do they get a waiver to bust through clouds and
otherwise bust FAA regs as they see fit?

Is skydiving just something where the regs are "swept under the rug"
and not really paid too much attention to and that's just an "accepted
part of the sport?"

I am a somewhat law-abiding and FAA reg-concious person (I'm an a/c
mechanic, too) so perhaps I am being overly-alarmed at the violations
I have witnessed. It's amazing the amount of busts that are freely
videoed, as well.

Any input ya'll may have on this would be appreciated.

Ricky