To be fair upscaling with videos isn't necessarily making information up, but depending on the method used may use information from other frames, wich I think isn't the same as speculative reconstruction for photos.
For increasing the frame rate for videos this depends on the model used, but in general most of them don't add any new information, but instead calculate how something looked in-between two frames. https://medium.com/axinc-ai/flavr-a-machine-learning-model-t...
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Definitely! I was explicitly talking about things like "AI upscaling". Not simple interpolation (which keeps the image spectrum the same and is effectively just anti-aliasing), for example.
To be honest though, the method you linked does seem to fall in the bucket I am warning against: It does make information up, it does add that made up information. Those frames in between are not simply interpolated, or you would not need an ML model.
Case in point, individual droplets in that example animation may not have existed in reality, or moved the way they did here. But hopefully that's fixed by just dropping the interpolated frames, at least.