Today yes, but with FB's technical capabilities, I can't see why they couldn't knock off a respectable (if not superior in most respects, considering Google's apparent complete lack of skills or motivation in UI usability, and discoverability/search of all things) clone of YouTube in way under a year. And, they have a massive engaged social network to go with it, something Google can't bring to the table (they tried and failed). It could take them a long time to assemble critical mass of videos, but unless YouTube forbid it in their TOS (which I doubt, considering many people are openly advertising their steemit channels) most producers would clone their content to FB very quickly, especially smaller ones who are pissed off at demonetization.
FB's weak links in my estimation are the stubborn insistence to have everything under Facebook.com (rather than a sibling site), and the trust they've lost in the last year.