As long as Rossmann has a say in the ordeal I doubt it’ll enshittify. If it they can’t carry it anymore, I think they’ll re-license it.
But in any case, I’m really glad to see effort toward this. Because I may be naive, but I think this will make viewers & potential devs aware that it’s possible to have a great experience consuming video without being tied up in Youtube’s basement, and I predict will inspire more FOSS in the same vein.