To fix this (until WordPress does at least), put this code in your functions.php:

function my_increase_oembed_timeout($args) {
	$args["timeout"] = 30;
	return $args;
}
add_filter( 'oembed_remote_get_args', 'my_increase_oembed_timeout');

Increasing timeout increases page load time, so be careful with that, it can hit rankings.

Also, oembed cache is 24h, to play with it, some info could help here:
https://wordpress.stackexchange.com/questions/203537/how-can-i-clear-oembed-caches-for-youtube-on-posts-as-they-are-loaded

Thanks so much @biranit for the function! Does this work for the admin as well? I’m still experiencing the issue when attempting to embed in a post and an ACF oembed field. Both fail to embed so the front-end is a non-issue. I increased the time to 60 but they’re not embedding.

Here’s a video of me attempting to embed the video in an oembed custom field: https://www.dropbox.com/s/86g9x52aukrutf3/Screen%20Recording%202019-05-14%20at%203.29.13%20PM.mov

Good luck ??