For anyone landing here looking to play videos in SwiftUI with transparency... there's a better solution than the AVFoundation tutorial above.
Cobbled together with a few steps from a few places, here it is.
Use this simple work-around to avoid VideoPlayer. It does not require SpriteKit or SceneKit or anything heavy like that.
https://stackoverflow.com/questions/56822943/how-to-show-my-avplayer-in-a-vstack-with-swiftui
If you're using AfterEffects (like me), ensure you export to Apple ProRes 4444 with alpha. Recommend you use the Media Encoder if possible, it is likely better than native AE. Do not try to use h265 directly in AE, Adobe still doesn't support HEVC transparency (as of 2024 anyway). Maybe its out of spec, maybe not. Apple found a way.
Using your Finder app, right click the 4444 .mov. file and select "Services -> Encode Selected Video Files". Pick HEVC and check "preserve transparency". See this link
https://community.adobe.com/t5/adobe-media-encoder-discussions/encoding-video-to-hevc-h-265-with-alpha-channel-can-t-get-transparency/td-p/13656952
Import the HEVC .mov file using the Bundle URL, load it into the AVPlayer wrapper from step #1, and you should have working transparency!
Profit and plunder.