Does this require you to upload your video assets to their servers over the internet? That seems extremely impractical for 4k or 8k footage. Even with gigabit upload speeds a clip could take several times it's playback duration to transfer.
People who do a lot of video editing usually already have decent PCs on which to do it.
There’s also the data play of making the user keep data there and pay rent forever to keep it accessible. You can download your videos but you lose edit history etc.