Yes, backlinks can rank a YouTube video and the more you build links up to a YouTube video, the higher the likelihood will go up.
Google is more forgiving if you're trying to rank its own property.
It's less forgiving if you're trying to rank your own domain.
With that said, you still have to follow the basic rules of SEO.
All the backlinks that you generate must look natural.
I'm not talking about 1,000 links generated in 24 hours.
That's a dead give-away.
Also, try to get high-quality backlinks like blog guest post authority or glossary site links, DMOZ link, so on and so forth.