I'll wait for the more scientifically inclined to comment (and completely agree with BIG-G), but I'll add that I just checked out several of my tanks, all of which have air stones of various sizes (and micro bubbles to bigger bubbles) -- and personally I cannot see any bubbles disappearing or dissolving into the water (as he says about 4:45 in the video).
I don't know, he could be right, but for myself I take a lot of what this particular YouTuber says with a grain of salt -- he's got a couple of videos about nitrate levels (that he starts in a very similar way, talking about how people believe and pass on certain 'myths' in the hobby), then goes on to basically argue that 40-80 ppm nitrates are A-OK and nothing to really worry about. I disagree but that's getting off topic.
Back to the question at hand, I also don't see where it really matters either way, regardless of whether the tank is being oxygenated by the bubbles in the tank, or at the top (with said oxygenated water then be carried back down to lower levels), it would still be about the same net positive effect wouldn't it?