On visionOS, the bottom ornament with all the playback controls is vertically centered over the bottom edge of the playback window. Apple’s guidance calls for bottom ornaments to only overlap by 20pt. See this WWDC video.
A lot of apps are getting this wrong, FWIW. The Music app is a good visual reference for the difference.
So far, under normal circumstances, the position of the control bar will still block the lower part of the video (the subtitles are blocked), unless the picture is adjusted very small. In addition, the position of the control bar of Apple TV+ will not block the picture.