Why does the archive.org of most YouTube videos fail with “Sorry the Wayback Machine does not have this video () archived (or not indexed yet)”?

I have seen several videos which show as archived, and video metadata does show up, but the video itself doesn’t with a magic error hacked into the rendered page:

Sorry the Wayback Machine does not have this video (<id>) archived (or not indexed yet).

So does this message indicate:

I did however find some videos that still work, e.g.: https://web.archive.org/web/2oe_/http://wayback-fakeurl.archive.org/yt/d81mEbL8Yw8 but it’s just too unreliable, I can’t predict which ones will work and which ones won’t.

So for now I’ll have to stick to https://github.com/ytdl-org/youtube-dl + reupload when I find a hot video I want to archive.

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