youtube-dl supports a lot more websites than only YouTube, which makes it (in combination with mpv) a very nice tool that you just put all your videos into.
It needs a launcher (aka native host client) to start the 3rd party app, in this case mpv with the correct arguments.
The launcher is technically only started (then immediatly terminates) when you trigger the openwith action, so no memory/cpu overhead.
The official openwith solution is a python script (requires python), for windows there is a native and lightweight launcher: owclauncher
With this setup, you can launch any action with a simple right click: play in mpv, play in low resolution in mpv, download video/audio with youtube-dl, play in 2nd screen ...