Yes! Your video is still automatically saved to your Google Drive account, and you are still able to share a link directly to the Google Drive file. This new Watch Page does not change that - it simply redirects the viewer to a different page for viewing and gives you the additional benefit of being able to aggregate information on how your video is being viewed. 🥳
You can also still share your video through the Google Drive link, although sharing the Drive link for users to watch your video will not allow you to capture analytics.