when i looked through the JS, it was not written in a way that took size or performance seriously. perhaps it was transpiled from Dart or something. additionally, i think tag manager includes an entire [likely complex] visual DOM tagging UI that gets downloaded even when not used, etc. (correct me if i'm wrong!)
embedding the youtube player downloads 576KB of compressed JS (2MB decompressed) [1], instead of 0 bytes for a cdn-hosted mp4 video; i'm quite certain there is not 2MB of value delivered to embedded youtube watchers.
i think there were/are a lot of low hanging fruit to give technical users / devs the ability to opt out of the whole kitchen sink.
[1] https://developers.google.com/youtube/youtube_player_demo