That is the way i know but its no the best one i think.
There is no other way in Premiere.
Or resort to Ps/Ai and Ae.
Wrong! reddit saved me.
"Track Matte Key effect is probably the quickest way. Apply it to the video layer, and then in effects controls set 'matte' to the video track your PNG is on, and check 'reverse' "
that was what i was looking for 😄
It looks like they tore a hole in a piece of cardboard and scanned in the image as a PNG to be used as a track matte.