It really doesn't decode anything. I just tested it now and my CPU (3700X) goes from 2% usage to 10/11% with a 4k@60 video playing. If I look at the GPU tab in task manager it shows 3D load but nothing for video decode. If I use a H.264 video then CPU use is unchanged and the video decoder shows activity. No fixed function decoding support in vega.unless you're seeing 50%+ CPU when usinmg youtube, your Radeon does indeed decode YouTube quite perfectly without you even noticing.
I was getting 30%+ usage on my old 3770 until I upgraded to Zen 2.