If you have an older graphics card (like the GeForce GTX 750 or the Radeon RX 460 for example), you may not be able to decode VP9 video from YouTube in hardware. This is the case if the "Video Decode" section of the GPU performance tab in Task Manager is showing 0% during playback:
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In order to change that, you have to enforce the H.264 format, which is natively supported even in very old cards like the GTX 260 or the Radeon HD 3000 series.
In Firefox, this is done by calling about:config and changing the setting "media.webm.enabled" to false.
If done correctly, you will see the "Video Decode" section showing some activity during playback:
NB: with older nvidia cards, there may be a problem with newer drivers getting the DXVA hardware acceleration feature working. It is advisable in this case to go back to an earlier driver, like version 353.62
In case you don't get the GPU tab in the Task Manager with older drivers, you can still see this information by checking the "Video Engine Load" in GPU-Z.