When you enable approval when sharing via a 'sharable link' or 'private email' (i.e. one of these methods How do I share a video?), you will receive an email notification when the video gets approved. You will only get this notification when everyone with rights to do so has approved the video however.
Your team members won't get sent the same email notification. However a notification does get put in the activity feed when someone approves a video and team members have access to that.