I've had a few solutions over the years.
Since we have free GA on our sites, and have GTM in addition to Adobe Launch, one of my solutions used the YouTube Video triggers to detect the Start / Complete / Pause / and all my specified progress percentages.... then from GTM I triggered some custom JS events, then I listened for those events with Adobe Launch to facilitate my tracking.
There is a YouTube Playback extension in Launch, but I could never get it to work consistently... it would detect plays and pauses sporadically for me so I gave up (but it may just have been our site....)
In other iterations, our developers have events that I can watch for at each of the points I need to track, so I just created direct rules based on those triggers.
So rather than using the default "heartbeat" tracking of Adobe (which I think you might have more control over than when we first implemented), we limit the tracking calls to a subset of checks and pass the correlation data that we need (video name, id, duration, timestamp, etc)