This seems like a simple oversight in the rule wording that leads to a silly situation:
If someone submits a run above the 1h40m threshold, including screenshots of the IGT and game version, everything is valid.
However, if they also just want to include a video of it that they happen to have recorded as a bonus (maybe from a casual stream) and it doesn't meet some of the requirements, suddenly it's invalid.

A fix could be as simple as these changes:
"All videos must include the following:"
to
"A valid video proof must include the following:"
and
"If you don't have video proof for above the threshold"
to
"If you don't have a valid video proof for above the threshold"

Video is already optional for runs above the threshold as well as showing version.

You only need proof of IGT for runs above the threshold

It's exactly because video is already optional for those runs that enforcing the video requirements on them doesn't make sense. How can a submission with a recording be considered less legitimate than a submission without it?
And sure, those users can just submit it without the recording, but why would you want to incentivize that?

Not being able to have a run verified because you didn't show the version number when it's above the threshold is very silly. So if my run was rejected for that, I should just upload the screenshot of the in-game ending time and it will then be accepted, now that is has less proof?

Hmm I’m not sure I understand what is being requested here.

If you are slower than the threshold, you only need to submit proof of IGT and your run will be verified, you can submit more things if you want to, but proof of IGT its all thats needed.

The issue is that some runs over the 1:40 threshold are being rejected because they have a video that doesn't have proof of version or something else in that same vein. These runs are being considered less legitimate than runs of the same time that simply have no video proof at all. OP is requesting a simple change in the wording of the directions to more accurately portray the optionality of video requirements for runs over the threshold.

I think the rules just got changed yesterday so that videos above the threshold don't need to show version anymore

Have a look at the stickied forum post

I think ShadPrince is correct. I submitted a >3 hour run with only a screenshot of the IGT last week. It was initially rejected for not showing version number, but later Dyceron went back and verified it after the rule change. If you're still waiting on a run that was submitted before the rule change, I suggest patience. This community is growing fast!! I'm sure the mods are working hard to catch up.

Ok, so that post in the stickied thread refers to such runs not needing the version screenshot anymore, which was pretty nice. However shortly after, the corresponding announcement on the Discord specifically clarified that "If you do provide video or are below the threshold, then you must show the version at the end of the run or it will not be accepted."

However, I just checked the actual rules today and this line was new: "Runs above the threshold only need to provide proof of IGT. If you do have video proof, we recommend also including proof of version."
I'm very much alright with that if I got that right. I guess it's important for them that videos are paired with the right version, but you can always go back and take a screenshot of it to include.

How do we send proof of version? I saw nowhere in-game that lists the version number; not even the title screen, which one would think would display the version number.

From in game, you actually have to hit the home button to go to the Switch dashboard. From there, highlight the game and hit "+" and it will bring up the game options, including current version, check for updates, etc.