I was trying to find the issue for days. Also, I was expecting that there is a proper error message from YouTube. If you for example link to a video with an age limit, the embedded player shows something like “This video has an age restriction and can only be viewed on YouTube” and I would have expected something similar in this case and not just “Video not available”. I also tried another plugin that is asking for accepting the connection to YouTube which had the same problem. What really confused me, was that with a test site in WP Local everything was working fine (but they probably don’t use this referrer-policy. But looking into the differences between the actual website and the WP Local test server website pointed me to the information regarding this behavior on YouTubes side. Sometimes you just have to be lucky to find this one piece of information that you need. ??