Yes it will announce "priority right", but it's not normal to take control from the captain (and also highly unusual to take control from the first officer outs

Yes it will announce "priority right", but it's not normal to take control from the captain (and also highly unusual to take control from the first officer outside of training). Unless you're avoiding an immediate safety threat you would normally call out the problem but not take control. It's a bit different for a training captain like in the video. They know these are the first officer's first landings on the real aircraft, so when things go wrong they take over.