You can upload video content from any text editing area--anywhere you see the Panopto Button 
You can find this Panopto tool anywhere that the text editor is available. For example, you can find the Panopto tool in activity and resources such as assignment, forum, URL, or a label.
This an extremely useful tool and allows you to create video forum responses, upload videos more easily to your course without worrying about files sizes, and videos can play directly in your course.
Please note: you must make sure that your videos and your students' videos have the proper sharing permissions for your intended audience or others may not be able to view. There are also known issue with Safari - "Safari 13.1, third party cookies are blocked by default and will break an embedded video."
When you click on the Panopto tool, a new dialogue will open. From this dialogue box, you can choose to embed an existing Panopto lecture, upload an another video, or create a new recording.
- To embed an existing Panopto video, use dialogue box and navigate to desired video.
- To upload an existing video that is not already loaded in Panopto, use dialogue box and navigate to desired video.
- To make a new recoding: the Panopto recorder will open automatically if already installed when you title your video and hit the record button. (Note: If you already have your Panopto recorder open – you will need to tab to that window.)
For more information:
https://support.panopto.com/s/article/Embed-Recordings-into-Moodle