The video never makes the claim that underground farming will replace conventional farming. In fact, the owner even acknowledges that underground farming is only suitable for some crops and not others.
Many people are commenting about how wasteful it is to use LEDs instead of sunlight. But again, as the owner says in the video, consumers expect produce all year round. That might not be possible in winter or poor light. The alternative is to import out-of-season food from abroad. Or to return to eating seasonal produce only. How many consumers are willing to accept that? Not many I'm guessing.
Also, the owner of the farm states he saves over 70% water use over conventional farming. That's a massive saving.
So yes, underground farming won't solve the world's food problems but it seems like it could play a role alongside conventional farming.
There is one thing missing from the video though: What do the crops taste like?