When uploading a remote video, add an existing Youtube, Vimeo video URL.

After saving entity, another window will load allowing you to change the display size of the video used, the alignment and allow you to provide a caption that is displayed with the image.

Aside from Default, Small, Medium and Large sizes, there is a Vertical (9:16) - Full width option to accommodate vertical orientation videos such as YouTube shorts. With just the one vertical option, the video will attempt to fill the space of it's container (e.g. v2's column width or v3's layout builder column) just as default does for horizontal orientation videos, but has a max-width limit for really wide columns.

The placed video may not always function within the WYSIWYG text area, but should functional in Preview and after Save.