There are two aspects to ranking in Google and they are onsite ranking and offsite ranking. Both are important. As it says on the tin, the onsite are steps to take within Youtube, and the offsite methods are external.
External methods are methods to take externally to Youtube.
You don't have to undertake all the steps but the more you complete the higher your videos will rank. Certainly one of these steps are not common, and it does give you a slight edge. (Hint see transcription)
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oldbuddy70
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Be aware that your keywords are also used to decide what ads Google will show on your video. I deleted a video from YouTube a few days ago because my strongest competitor's ads ran almost every time with a deceptive offer, so I run it on Amazon S3 with NO ADS but mine.