It's all about the libffmpeg.so file, as far as I can tell.
On my Ubuntu 20.04 LTS machine, I have Chrome, Chromium, Opera, and perhaps other browsers installed.
Granted your version of Chromium may differ, and the location of library may differ too, but this generally fixed my opera's inability to play.
$ sudo cp /usr/lib/x86_64-linux-gnu/opera/libffmpeg.so /usr/lib/x86_64-linux-gnu/opera/libffmpeg.so.original
$ sudo cp /snap/chromium/1229/usr/lib/chromium-browser/libffmpeg.so /usr/lib/x86_64-linux-gnu/opera/libffmpeg.so.chromium.1229
$ sudo cp /snap/chromium/1229/usr/lib/chromium-browser/libffmpeg.so /usr/lib/x86_64-linux-gnu/opera/libffmpeg.so
Notice I purposefully created a backup copy to replace if things go horribly wrong. Also a good idea to not do this while Opera is open.