The option to enable hardware-accelerated video decode had been introduced in Vivaldi 4.1 (as documented here), but today I noticed my fans spinning at full speed while playing a video, and I checked that hardware acceleration was not used indeed.
I looked at vivaldi://flags and it seems that this option has been disabled again:
Yes, I used that tutorial before version 4.1 of Vivaldi, but after that it gave me problems with the visualization of Google Spreadsheets, so I can’t go back to that. If it’s a bug let’s hope it gets solved quickly.