Does this sign indicate that you are passing in front of a driver approaching from the opposite direction?

In the video you are driving on a road where there is a blue square sign with a white arrow pointing up and a red arrow pointing down - D-5 "priority over oncoming traffic on a narrow section". The sign means that you go through before a driver approaching from the opposite direction. The answer is: yes.

The Regulation on road signs and signals states that sign D-5 "priority over oncoming traffic on a narrow section" means that drivers drive or walk through before drivers approaching from the opposite direction. It is placed before a narrowing where two vehicles cannot pass each other freely, for example at a narrow bridge or roadworks: the white arrow pointing up is your direction, the red one pointing down is the opposite direction, which must wait. On the other side of the narrowing there is sign B-31 "priority for oncoming vehicles" - round, with a red border - and it is this sign that requires those drivers to give way. However, right of way does not release you from caution: if a vehicle from the opposite direction has already entered the narrowing, you must not force your way through, and it is better to let it pass, because in a narrow place there is nowhere to escape.

Legal basis: § 46 of the Regulation on road signs and signals