Not at all, this is a term that is usually only used to refer to chess players of the highest class. It's quite rare to see it used in other contexts, although occasionally a person might use it to indicate that they are highly skilled at something. In some cases, you can assume that one is called Grandmaster to indicate that they are highly skilled and talented. In the case of this video, however, the name of the character himself is Grandmaster Glitch.
Ex: He became famous for being the youngest Grandmaster of chess in history.
Ex: Joe is quite talented at chess, so he jokingly refers to himself as a Grandmaster.