No, the text is above the link
I tried just copying the link and the iframe embed code from youtube, they both give the same result.
Unfortunately, that way, the video is clipped, or doesn’t appear at all, if the text is very long. You can set the overflow to “scroll” in the “.format-video .video-container”, but that doesn’t really look nice…
I’m testing this in an offline WP installation, so I’m afraid I can’t link anything… You can view the Summer Lite’s style.css file though