Sounds like Paul spent a considerable amount of time focusing on negative things. While it's necessary for employers to protect themselves I hope an equivalent amount of time is spent on positive things. For example if Paul spent as much time on creative training videos for new employees as he did on filming termination meetings he would perhaps have a more lucrative business. It's the perpetual focus on the negative that's just lame.
You're right that creating a training video has a larger up-front cost than simply recording a meeting. However when the long-term effects are taken into account the trade off is probably favorable. Something like a training video that in theory helps the employees and makes them feel supported will probably pay off more for the business in terms of increased employee satisfaction than something shockingly negative and dissonant like video-taping an employee being fired.
A couple of problems with your comments. The first is that it's not an either/or, you can have both. The second is that recording the dismissal isn't going to cause that much of a problem when it comes to morale, because the person affected is no longer working there. Another issue is that recording the meeting protects both parties from later fabrications made by the other; the dismissed employee could make it a condition that a copy is given, or set up their own recording easily, given smartphones today.
Recording a meeting which involves emotional distress is not 'shockingly negative and dissonant'. It's wise for both parties, just like having a witness is. I was recently made redundant, and although we didn't record the meeting, my employer advised who their witness would be, and allowed me to choose one of my own. The idea is to have a more neutral record for backup than the two main parties at an emotional time, and a video recording assists just like having a witness does.
You're right you can have both. However I feel pretty strongly that filming dismissals will have a negative impact on company culture. Filming the meeting is humiliating. Current employees are aware of the practice and by not questioning it I think they'd feel complicit in the humiliation of departing co-workers. I think this would degrade the overall atmosphere. Indeed having witnesses is a good idea. And I'm all for employers and employees protecting themselves. However the protection doesn't need to be cruel.