You didn't explain the exact relationship between cellContentCollectionView and playerLayer, so I'm going to assume the worst: that playerLayer is not a subview of cellContentCollectionView.
I also suspect that playerLayer is not actually a view at all, but is a CALayer. That's okay, because on iOS, a view's frame is always its layer.frame, so we can just deal with the layers.
The frame of a layer is in the geometry of its superlayer. So you must ask its superlayer to convert its frame. But, if the layer isn't transformed, you could instead ask the layer to convert its own bounds instead.
If you intend to use the resulting rectangle as the frame of a target layer, you must convert to the target layer's superlayer. You can't just convert to the target layer's geometry and set the target layer's bounds, because that doesn't update the position of the target layer.
Thus I think you want to write this:
if
let playerLayer = playerLayer,
let fullScreenPlayerSuper = fullScreenPlayerView.layer.superlayer
{
let frame = playerLayer.convert(playerLayer.bounds, to: fullScreenPlayerSuper)
fullScreenPlayerView.frame = frame
}