A family of Microsoft presentation graphics products that offer tools for creating presentations and adding graphic effects like multimedia objects and special effects with text.
Unfortunately, this is due to a deliberate design decision by Microsoft.
One of the components that supports the ability to play videos across slides was determined to be a security risk of some sort, so it's been deprecated. That's Microsoftean for "It's dead, Jim."
There doesn't seem to be any plan for an update to correct this unfortunate data/functionality loss situation.
I would report it via PowerPoint's built in Send Feedback feature. If enough people do this, MS may reconsider or prioritize some alternate fix for the problem.