Recently, Google has added Lite Video mode for Chrome browser for Android.
Lite mode activates when the loading time for website and picture has exceeded 5 seconds. It will optimize the loading time and reduce data. It is suitable for Windows, Mac, Linux and ChromeOS devices.
Currently, the Lite Video is only available on Chrome 86 version and above.
You can still forcefully enable Lite Video by alter some settings in Chrome Canary. This is an experimental feature so play at your own risk.