In general media files can be formed in a way to trigger some bug in the media player, sometimes in ways that allow to overflow buffers and start ROP chaining.
About 8 years ago there was this media file going around crashing any iPhones that tried to play it with the integrated player.
Of course crashing is way easier than code execution. So overall your scenario is unlikely. VLC also does not yet know of any issues with 3.0.20: https://www.videolan.org/security/