When you enable approval when sharing via a 'sharable link' or 'private email' (i.e. one of these methods How do I share a media asset?), you will receive an email notification when it gets approved. You will only get this notification when everyone with rights to do so has approved the video or image 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 or image and team members have access to that.