It's a gray area.
Do refer to Google's own response:
In order to avoid associations with copyright claims, website publishers may not display Google ads on web pages with MP3, Video, News Groups, and Image Results.
Now, one can argue that submitting a video to YouTube or Google and allowing its dissemination through the embedded feature would clear Google of any "associations with copyright claims" but here is where we get to the gray area. The exception makes sense, but if so, why doesn't Google policy note the exception?
I would write Google and ask, because if you're just slapping your Google AdSense ads on a page that only includes someone else's videos its got MFA and non-content page written all over it.
Be careful, unless Google -- or AdSense Advisor here -- tells you otherwise.