Google actually can crawl iframes, but the support is limited. Try indexing it with robots.txt or add the URL of the frame you'd like to have crawled in Google Webmaster Tools. Since an iframe is basically an HTML document inside an HTML document, it's not going to crawl the whole page together with the iframe, making its SEO value lower than if it were outside the iframe. A good tactic is to also have content surrounding the iframe on page that describes what is inside the iframe.
And since we're on the topic of videos inside iframes, make sure you have transcripts for it. Google does use those as well as deaf users, so you're doing a good turn for your client and for those with disabilities.
But to answer the root of your question, you're right we don't actually know if Google has a system setup to specifically make it easier to crawl Youtube videos inside iframes. As transparent as Google has been this past year they're still pretty mysterious overall.