Thank you Yenthe,

The older version of summernote editor doesnt have a youtube embed functionality.

The newer version - https://summernote.org/ has this functionality.

Do you have an idea how to do it.

Hi Gulshan,

While there is no explicit version to be found for the summernote editor you can see when it was last updated. The last core update for the summernote library in Odoo was done over three years ago, on august 28'th 2015. 
Last change can be found here: https://github.com/odoo/odoo/commit/d33086c03fc1a0882be38ae62989b7f72df20d3b
The summernote library in Odoo is located here: https://github.com/odoo/odoo/tree/12.0/addons/web_editor/static/lib/summernote/src  

Regards,
Yenthe