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YouTube tests blocking videos unless you disable ad blockers
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Peertube is federated. It seems to work similarly to Lemmy. I went on a random instance and clicked "discover" and noticed that I see videos from other instances. So at least the hosting cost is distributed across instances.
The other issue then is the bandwidth. Peertube uses p2p among viewers, so if there are many viewers at the same time they can take a significant load off from the server. Instances can also cache each other's videos to split the bandwidth cost between them.
I think these design decisions means that it is possibly viable, though it is definitely way more expensive than non-video federated communities.