Too lazy to watch it -- does it take into account the multiple criss-crossing satellite hops?

I watched it -- no it doesn't :) It is comparing fiberoptics latency with straight line light propagation. So the worst case scenario of non-existing inter-satellite communication could easily be worse than fiberoptics.

But I guess if the hedgefunds knew exactly which packet travels in a straight line, they could send one packet via Starlink and others via fiberoptics.