Multimedia filter can be enabled/disabled at a site level, allowing to convert (or not) links to multimedia files into embedded video. Theoretically this behaviour can be chosen at a resource level, but in fact this doesn't work: the global setting is always honored, regardless of the "local" setting.
1) Add a "page" resource somewhere in a course.
2) Upload a video file (I used a FLV one) using the TinyMCE editor. Within the editor, a link is shown.
3) Save and display. If the multimedia filter is enabled at site level, you should see the video embedded in the page.
4) Without leaving the page resource, go to the "Settings -> Page module administration -> Filters" menu, and change the "Active" state of the multimedia plugin. Save and go back to the page. The video is displayed as before, nothing has changed.