Not true of YC, in my experience. A 1 minute video, done with ~5 minutes of preparation, is much better than a video from something else with high production values.

Spending hours on the video is probably worse, too. The peak is maybe around 15-30 minutes, from the videos I've seen of YC teams. Talking points, decent lighting, decent audio (phone headset is fine), not a memorized script, maybe a couple takes if you really fuck up.