It is probably brand/model-specific. If I recall correctly, Steve uses Nikon gear. So what he says in the video might be correct for that, but I'd be cautious about applying the same thinking to other brands or possibly even other models within the same brand. Each manufacturer has their own way of doing things and some even vary it depending upon the model... perhaps tailoring them to appeal to more or less experienced users.
It's like the "Expose To The Right" theory. That works well with some brands and models, but isn't universally advisable to use with all cameras. (I agree with some previous responses... ETTR has also become "less necessary", as cameras have improved over the years and now most are using sensors with relatively wide dynamic range.)
I would make my own judgments about "blinkies", based upon the specific gear I use. In fact, I don't use blinkies at all. I instead look to the histogram for feedback. And, based upon experience with that tool's feedback, I know that the Canon cameras I use are a bit more tolerant of overexposure than it would appear. For whatever reason, the techs at Canon appear to have programmed the cameras "conservatively".... with extra caution toward "protecting" highlights from overexposure. I know from experience with the specific camera models I use that they don't blow out highlights as easily as a simple reading of the histogram would have you believe (probably the same with relying upon the blinkies... though I haven't tested it).
Another "factor".... depending upon what you're photographing: MANY scenes have pure white in them.... it might be in cloud formations or reflections off water or a windshield or a car that's painted white or parts of a brides gown or some portions of the petals of a flower or something else entirely. Those ACTUAL pure white areas within the scene will always "set off" the blinkies and cause the histogram to "pile up" on the righthand side. When there's pure white in the scene, that's as it should be. It's not an indication of overexposure at all. In fact, I see an awful lot of badly underexposed images where the photographer appears to have tried to completely avoid blinkies or tried to keep the histogram from touching the righthand side of the display.
This is compounded by people using uncalibrated computer monitors to view and edit their images. MOST (all?) computer monitors tend to be significantly overly bright for photo editing, when used straight out of the box uncalibrated. This causes people to make their finished images to dark, without realizing it. It's next to impossible to judge how you're handling exposure, blinkies, the histogram etc. with an uncalibrated computer monitor. You're almost guaranteed to incorrectly adjust the brightness of your image and may not be aware of it unless and until you make a print of the image, which will appear too dark, with "muddy" colors.
Use blinkies if you wish... by all means. They can be a handy tool. Just do so cautiously and don't assume they act the same way universally across all brands and models of cameras. (I'd wager they don't.) Do some careful testing of your own particular camera. Also look at the shots you're setting up and notice actual pure white areas that will set off "false blinkies". ("Falsies"? No, those are something else.
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And if this sort of thing is important enough to you that you're seeking out videos and information, you are probably a candidate for monitor calibration, if not already doing so.
It is probably brand/model-specific. If I recall c... (