If that's truly what you're doing, sure. If you can reduce a movie to its screenplay without losing value, that's probably what you should be doing. A recipe is a great complement to a cooking video, but reducing the value of a cooking video's value to the recipe is oversimplified.
I wish we'd go the other way, where free text content is complemented by paid-for audio or video commentary. But it has to be a very dull video for a bullet list to be a good replacement (and a bad bullet list to be able to capture what a good video production can convey).
