I can also update the text to Show / Hide just like text in the image-overlay control and some other controls in the video options section.

Also, the commit is backwards compatible as the render() function checks only for active state:

<?php if ( 'yes' === $settings['show_play_icon'] ) : ?>
	<div class="elementor-custom-embed-play">
		<i class="eicon-play" aria-hidden="true"></i>
	</div>
<?php endif; ?>

This is why the 'return_value' => 'yes', was added to the control.