This idea has been developed and deployed to Canvas Studio
Students can download videos embedded in paged from Canvas course files, however students cannot download videos embedded in paged from Canvas ARC. Due to the limitation of course sizes, it's not possible to load all videos into the course files area. Best practise to use ARC. However ARC does not provide the same download functionality. We have a number of students complaining that they cannot perform this function.
Issues with ARC
Sharing videos via ARC only provides View and Edit options. View option does not enable download and Edit allows users to delete videos. Also it's a long process to share videos with a large cohort.
Configure ARC so that students can download videos embedded in Canvas pages from ARC, I.E. Add download functionality to ARC.