The new feature "Import videos as product media" will load YouTube links provided via the Turn 14 API. There's no impact to your Shopify media storage as adding a YouTube link does not count toward the Shopify storage quota. The link will appear as a thumbnail in the product's media section.
Here's an example of what it looks like in the admin, it appears with a small play icon.
This is what it will look like from a shoppers perspective:

When selected the video will play on the product page:

This will work on any new products created that have video links as long as the setting is turned on.
For existing products in the store, the media repair process will only add the video links if the product has all media removed (for example, if you go into the product page and delete all media) or if the product was deleted and recreated by the app.
Scenario 1:
Video import is turned on, and this sku's media is removed, then trigger a brand refresh, then the update will bring in all the images and video links.
Scenario 2:
Ex: The video setting is turned on but as long as there is one or more media items, the media repair process won't be triggered, so no new images or links are added.
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