Does shutter speed play a role in video shooting? EOS M /w ML

[MilesThatch]

I'm just getting into video shooting, picked up an EOS-M by a recommendation. This was all I could afford along with a 50mm lens and some minor accessories.

So from what I understand shutter speed determines how long the sensor is exposed to the light (in my case electronically since there is no mirror) Now this is understandable for photo, less exposure means less light so less motion blur but also less light means darker image so I crank up the lens aperture to let more amount of light in to compensate and the photo is done, (generally)

But does shutter speed work the same with video shooting or is there some other algorithm involved? Reason I'm confused is that there are certain settings the ML says "this feature is best used in photo mode" or "video mode". So does the video shooting also gets affected by the shutter speed override? I can set it to up to 1/4000 sec as per the manufacturer released info about the EOS-M. Native canon firmware allows you to set shutter speed manually for photo but not for video (unless when you set it manually it applies for both automatically)