<embed> element is certainly not deprecated, and is included in the HTML5 standard.
<embed> element was historically used to embed browser plug-ins such as Flash. These plug-ins have been deprecated by most modern browsers.
That being said, elements such as
<video>, etc. are more semantically correct when you are embedding those types of content.
Some of the more compelling reasons to not use the
<embed> element are that it does not allow child elements like the
<video> elements do, therefore you can not specify fallback sources for your content.
Perhaps more importantly, current browser support for the
<embed> element is less than impressive. iOS Safari versions prior to 16.2 do not support
<embed>, accounting for nearly 40% of browser usage in the U.S. alone.
Hope this helps!