Hi @Saan ,
Do you want to configure the Text to act like a Hyperlink within your Edit form?
Do you want to redirect to a video resource when you click this "Hyperlink" text?
Based on the needs that you mentioned, I think the HtmlText control could achieve your needs (without Launch function). I have made a test on my side, please consider take a try with the following workaround:

On your side, please unlock the field data card in your Edit form, then add a HtmlText control in it, set the HtmlText property to following:
"<a href='http://google.com'> Click here for a short video description </a>"
Note: On your side, you need to replace the 'http://google.com' url with your own video resource url.
Please consider take a try with above solution, check if the issue is solved.
Best regards,