If that was my project every phrase or thought would be a separate comp and then the comps would be rendered. The final film would be edited in Premiere Pro where the transitions would happen, the final audio and music mixed, and if needed, any color correction would be done there.
Comp 1 includes the open down to the first move down to the empty background at about 8 seconds. The second comp would start with the empty background at about 8 seconds and continue to about 20 seconds with enough tail to allow for the transition to the next short sequence starting with the newspaper/Green background starting with But Wait. The third comp would then start where the transition happens at about 37 seconds to Part 2.
Get the idea. Trying to do the entire eight minutes in one comp would get incredibly unwieldy, changes would become increasingly difficult, and the likelihood that you would run into some kind of rendering error or catastrophic failure goes up exponentially.
I didn't see anything in that entire movie that would require 3D layers or 3rd party effects. It's all background images, blend modes, masking, and position and opacity animation. The parallax effects that appear here and there are easier with 3D layers, and the push in and pull out moves are easier to time if you use 3D layers, but there is nothing very fancy.
There is a lot of stock footage and there are some very famous images in the video that I hope were used with permission. If you are going to do something like that you need to make very sure that you have permission to use all of the images in the project. I saw three or four that I know would be very difficult to get permission to use, so if you are copying the style and the look, be very careful about the images you choose.
If you are new to AE, you'll need a good foundation on how the UI works and how to work efficiently when you doing that kind of animation. You need to be comfortable with what I call Pencil Tests, checking the timing and position with no effects, no motion blur, and reduced resolution, then making sure that a few of the most important frames look good at full resolution and with all effects and motion blur turned on. I call that part Ink and Paint. There is a great temptation to try and preview things at full resolution with all the effects turned on, but most AE artists that work on. those kinds of projects send comps to the render cue or Media Encoder, continue working on the next scenes and check the final shots only after they are rendered. That's the only way you can really know what they will look like. Spend some time with the User Guide and practice with short comps before you begin.
The most important part of this kind of a project is in the planning and the gathering of assets. Storyboard, even if the storyboard is nothing more than notes on 3 X 5 cards and create at least a good scratch audio track that you can add markers to and split up in AE for each of the comps. Markers can be added using Adobe Audition. I never do a project like this without a well-marked up audio track and a written script.
I hope this helps.
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