no clipping masks in premiere but even if there was, you appear to have 2 full frame images one on top of the other so a clipping mask won't work in this case. a Ps clipping mask clips the layer (or group of layers) to the transparency of a base layer that's at the bottom.
what you want to do is use the brightness values of one layer as the alpha channel (transparency information) of another layer and this is what track matte effect is for. you apply the track matte effect to the clip (the video) you want to be affected by another (the shape). set it to matte luma (Luminance) and define the shape video layer to be the matte (source).