Yes, there are faster ways. You can construct HDL for a custom chip, or program an FPGA to read byte streams that are video files and decode them.
Be sure to store the data on a fast SSD, especially one constructed with Intel's 3D XPoint memory, perhaps using Optane Technology
Or, since MATLAB's routines are wrappers around operating-system provided media reading library, you could shave off a few microseconds here and there by writing a mex interface to an appropriate media reading library without doing any error checking.
