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But the video loads faster than you watch the video, so what's the point?

Edit: Okay I checked the evidence. It's loading the page, not video buffering. But the evidence is extremely unscientific and bullshit so I'd reserve judgement until someone actually looks into it properly. The top comments are also pointing out even weaker evidence. There is some code that waits for a five second timer to finish, but the page doesn't take 5 seconds or even .5 seconds to load, so that's obviously not to slow down the page load. There are plenty of legitimate use cases for waiting for everything to load and the user to start engaging before worrying about whatever secondary tasks.