If you want exactly this shortcode:
[video height="300" width="300" mp4="localhost.com/video.mp4"]
to output nothing, then you can use the wp_video_shortcode_override filter or the wp_video_shortcode filter to achieve that.
Here are two such examples:
Example #1
/**
* Let the [video] shortcode output "almost" nothing (just a single space) for specific attributes
*/
add_filter( 'wp_video_shortcode_override', function ( $output, $attr, $content, $instance )
{
// Match specific attributes and values
if(
isset( $atts['height'] )
&& 300 == $atts['height']
&& isset( $atts['width'] )
&& 400 == $atts['width']
&& isset( $atts['mp4'] )
&& 'localhost.com/video.mp4' == $atts['mp4']
)
$output = ' '; // Must not be empty to override the output
return $output;
}, 10, 4 );
Example #2
/**
* Let the [video] shortcode output nothing for specific attributes
*/
add_filter( 'wp_video_shortcode', function( $output, $atts, $video, $post_id, $library )
{
// Match specific attributes and values
if(
isset( $atts['height'] )
&& 300 == $atts['height']
&& isset( $atts['width'] )
&& 400 == $atts['width']
&& isset( $atts['mp4'] )
&& 'localhost.com/video.mp4' == $atts['mp4']
)
$output = '';
return $output;
}, 10, 5 );
Note
I would recommend the first example, because there we are intercepting it early on and don't need to run all the code within the shortcode callback.