This when combined with the video_embed field module creates the issue. That ...

This when combined with the video_embed field module creates the issue. That module doesn't have the colorbox as a dependency because its optional.

Since none of the module doesn't add itself as its dependency, its creating the issue.

By the way, we are using the colorbox from here. src/Plugin/Field/FieldFormatter/VideoEmbedField.php

class VideoEmbedField extends Colorbox {

So, there should be a solution. Effectively, this module won't work for video if colorbox module is not installed.

Adding my previous patch anyway.