This is a super interesting video !! I used to take a Deaf Culture class and a few ASL classes during my college education - my professor was Deaf and she was raised in a family that didn't accept her deafness and forced her to lip read instead of sign. Communication was almost non-existent for her for many years because of the difficulty of accurately reading lips (30% accuracy, as mentioned above). I definitely don't think lip reading is something that people can rely on for communication.
As for personal experience, I work in an extremely loud piano bar, where the music is blaring and my customers are usually pretty intoxicated. It's difficult for me to hear them order sometimes, depending on some factors, so occasionally people will try to signal me from across the room and say things for me to "lip read" what they want. It's absolutely impossible haha