For now, it appears that transferring video is only supported by YouTube, but support for more providers should come eventually. Say you want to move your music with the Google Assistant. If you've ever started watching a video on YouTube on a Google Assistant-powered smart display but then wished you could transfer it to your TV, stream transfer should do the trick.
You can also start playing a YouTube video on your Nest Hub Max and move it to a Chromecast-connected TV, using either the cast control on the Nest's screen or by saying, "Hey Google, play it on the living room TV". By tapping the cast button, you will see all the devices in your home, and then select which device or group of devices you'd like to move something like a podcast to.
Before this change, let's say you casted music to your bathroom speaker, but now want to move it to the living room.
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From what we gather, the new Stream Transfer feature makes sense for those who have transitioned to an all-smart lifestyle. The same effect works with Chromecast and Google's smart displays. The update to enable stream transfer is being pushed out from today.
Google is adding voice control to move music and video between Google Home, Nest Hub, and Chromecast devices, with stream transfer being pushed out as an update from today. Google does note that additional music apps which aren't mentioned can use Stream Transfer, so if you have one you normally use that isn't listed, give it a shot. All you need to say is "Hey Google, transfer the music to the bed room speaker", for instance.
This new feature does rely on you filling your home with Google Home (likely soon to be called Nest) speakers, instead of those speakers from other brands. Especially skilled at processing 4K videos with 30fps / 60 fps /120 fps /240 fps, large-sized videos and high speed videos shot with 120fps/240fps and slow-mo videos.