The Drupal core Media module allows embedding internal and external media in content fields. In certain circumstances, the filter could allow an unprivileged user to inject HTML into a page when it is accessed by a trusted user with permission to embed media. In some cases, this could lead to cross-site scripting.
This advisory is not covered by Drupal Steward.
Also see Entity Embed - Moderately critical - Cross Site Request Forgery - SA-CONTRIB-2021-028 which addresses a similar vulnerability for that module.
Updated 18:15 UTC to clarify text.