iframe not showing in post (with “allow php in posts” plugin activated)

I would say that’s a quirk with the plugin. In this case, it’s better to make a shortcode.

Add this code to your functions.php file:

function wpse_77036_embed_video( $atts ) {
    extract( shortcode_atts( array(
        'homepage' => "https://wordpress.stackexchange.com/",
        'currentpage' => $_SERVER['REQUEST_URI'],
        'width' => 560,
        'height' => 315,
        'code' => 'I8M_uCnxhwY',
    ), $atts ) );

    if ( $homepage != $currentpage ) {
        return sprintf(
            '<iframe width="%s" height="%s" src="http://www.youtube.com/embed/%s" frameborder="0" allowfullscreen></iframe>',
            $width,
            $height,
            $code
        );
    }  
}
add_shortcode( 'embed-video', 'wpse_77036_embed_video' );

You can then use this in your post like:

[embed-video width="560" height="315" code="I8M_uCnxhwY"]

If no width, height or code is supplied, it will use the defaults as defined in the function. You can also pass a custom homepage or currentpage to the shortcode in the same way you pass the width and height. If you need any more help, please post a comment below.