I will tell you which is wrong and which is right. Caramelized onions are caramelized. It’s not a vague definition that varies across cultures, it’s right there in the name. Caramel, it’s deep walnut brown and almost candy sweet. Just look up any photo of French onion soup.
This guy is frying onions, might as well prepare a bowl of Froot Loops and you’ll be just as close to caramelized onions.
Except caramelized onions aren't caramelized. Or not meaningfully anyway. The color comes from Maillard browning. The sweetness comes from breaking down larger sugars into smaller, and concentration through evaporation of water.
Caramelization products aren't sweet, they're primarily bitter. Sweetness in caramel products comes from residual sugar that hasn't been caramelized.
This guy is frying onions, might as well prepare a bowl of Froot Loops and you’ll be just as close to caramelized onions.