diff -u b/core/modules/media/src/Plugin/Field/FieldFormatter/OEmbedFormatter.php b/core/modules/media/src/Plugin/Field/FieldFormatter/OEmbedFormatter.php
--- b/core/modules/media/src/Plugin/Field/FieldFormatter/OEmbedFormatter.php
+++ b/core/modules/media/src/Plugin/Field/FieldFormatter/OEmbedFormatter.php
@@ -270,13 +270,17 @@
    * {@inheritdoc}
    */
   public static function isApplicable(FieldDefinitionInterface $field_definition) {
-    $applicable = parent::isApplicable($field_definition);
-
     if ($field_definition->getTargetEntityTypeId() !== 'media') {
       return FALSE;
     }
-    $media_type = MediaType::load($field_definition->getTargetBundle());
-    return $applicable && $media_type && $media_type->getSource() instanceof OEmbedInterface;
+
+    if (parent::isApplicable($field_definition)) {
+      $media_type = $field_definition->getTargetBundle();
+      if ($media_type) {
+        return MediaType::load($media_type)->getSource() instanceof OEmbedInterface;
+      }
+    }
+    return FALSE;
   }
 
 }
diff -u b/core/modules/media/tests/modules/media_test_oembed/media_test_oembed.module b/core/modules/media/tests/modules/media_test_oembed/media_test_oembed.module
--- b/core/modules/media/tests/modules/media_test_oembed/media_test_oembed.module
+++ b/core/modules/media/tests/modules/media_test_oembed/media_test_oembed.module
@@ -1,5 +1,10 @@
 <?php
 
+/**
+ * @file
+ * Helper module for the Media oEmbed tests.
+ */
+
 use Drupal\media\OEmbed\Provider;
 
 /**
diff -u b/core/modules/media/tests/src/Functional/FieldFormatter/OEmbedFormatterTest.php b/core/modules/media/tests/src/Functional/FieldFormatter/OEmbedFormatterTest.php
--- b/core/modules/media/tests/src/Functional/FieldFormatter/OEmbedFormatterTest.php
+++ b/core/modules/media/tests/src/Functional/FieldFormatter/OEmbedFormatterTest.php
@@ -21,6 +21,7 @@
    * {@inheritdoc}
    */
   public static $modules = [
+    'field_ui',
     'link',
     'media_test_oembed',
   ];
@@ -30,7 +31,6 @@
    */
   protected function setUp() {
     parent::setUp();
-    $this->drupalLogin($this->drupalCreateUser(['view media']));
     $this->lockHttpClientToFixtures();
   }
 
@@ -95,6 +95,23 @@
   }
 
   /**
+   * Tests that oEmbed media types' display can be configured correctly.
+   */
+  public function testDisplayConfiguration() {
+    $account = $this->drupalCreateUser(['administer media display']);
+    $this->drupalLogin($account);
+
+    $media_type = $this->createMediaType([], 'oembed:video');
+    $this->drupalGet('/admin/structure/media/manage/' . $media_type->id() . '/display');
+    $assert = $this->assertSession();
+    $assert->statusCodeEquals(200);
+    // Test that the formatter doesn't try to check applicability for fields
+    // which do not have a specific target bundle.
+    // @see https://www.drupal.org/project/drupal/issues/2976795.
+    $assert->pageTextNotContains('Can only flip STRING and INTEGER values!');
+  }
+
+  /**
    * Tests the oEmbed field formatter.
    *
    * @param string $url
@@ -111,6 +128,9 @@
    * @dataProvider providerRender
    */
   public function testRender($url, $resource_url, array $formatter_settings, array $selectors) {
+    $account = $this->drupalCreateUser(['view media']);
+    $this->drupalLogin($account);
+
     $media_type = $this->createMediaType([], 'oembed:video');
 
     $source = $media_type->getSource();