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Yes, you can share a video clip with sound on your desktop to other participants.

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• It is a local MP4 file in the computer
• Video is playing on a dedicated Video Player like VLC or QuickTime
• Video is played in full screen
• Optimize Screen Share for Video Clip is selected
  

Playing a video embedded in a powerpoint slide or playing on a website like YouTube, doesn't seem as smooth in comparison.
If you have to play a video from YouTube, try playing it at a lower quality.

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Also: Sharing Computer Sound During Screen SharingTo Share a Video File with attendees, have the video file ready in your computer.

1. Start or join a Zoom meeting.
2. Click Share Screen Image Added located in your meeting controls.
3. Switch to the Advanced tab, and then select Video Image Added
4. Navigate to and select the video you wish to share from your computer, then click Open. 
   The video will now open within Zoom and be visible to attendees. 
5. The sharer will also have the video controls to Play, Pause and slider controls.

When using the video share option, Zoom encodes the video from the file directly and shares it, effectively bypassing some of the limiting factors with standard content sharing.

Guide: https://support.zoom.us/hc/en-us/articles/360051673592