The element loads the video resource specified by the src attribute lazily, at a time determined by AMP.
How does the AMP determine the time to load?
A rough outline of the video loading strategy used within amp-story can be found in AMP story's Media Pool documentation. Additionally, there is a talk on YouTube that describes this as well.
amp-story
specifically, I recently gave a talk on some of the factors that we currently take into account for determining when videos should begin to load, but there are indeed other factors and they will all likely change over time. - Jon Newmuis