Partially correct. You can self host peertube instances. What differentiates it from YouTube is:
Instances can share their video lists with other instances via ActivityPub. Even to Mastodon and Lemmy.
PeerTube video player is peer to peer. You can download the video from the server directly or from another peer watching the same video. This may be helpful for livestreams.
I might be too pedantic, but Odysee/LBRY is a blockchain-based decentralized network. But its not federated and it doesn't use activitypub like Lemmy and mastodon. I would only call Peertube to be part of the fediverse.
I don't care if its scary, I wish that was me.