Hello @KTaylor78 ...
I've never heard of running out of storage space in Canvas Studio. If you are a Canvas administrator at your school, you might want to reach out to your assigned Customer Success Manager (CSM) at Instructure to see how much storage space you have available for Studio videos. (YouTube should not count towards your overall storage.) I'm not 100% sure on this, but I believe that Studio videos are stored on the cloud already.
Hope this helps a bit. Sing out if you have any other questions about this...thanks!
This is a good question. While I haven't found anything in official documentation yet, I found another question that is related to this one: Canvas Studio Storage Space/How Many GBs? - Canvas Community