What I am talking about hers is definitely focussed only on "fingerprint known content", as that is the goal of the "figure out which Netflix movie I am watching" use case (as well as the "what model am I watching on myFreeCams/Chaturbate" use case, which might feel worse ;P... it is also the "what video am I watching on PornHub" use case, but that's inherently harder as there are so many many videos and they are often super short: much harder than the moderate catalog of long movies and tv shows on Netflix or the comparatively scant number of available live feed on camsites).

That said, as noted by someone else on this thread, there has been some work done figuring out what people are saying by analyzing encrypted speech packets; but I imagine that kind of technique would be almost impossible to pull off with these segments on the order of multiple seconds long, and including the video in the stream would seem to make that a total non-starter.