What does wp-embed.min.js do in WordPress 4.4?

What is it?

It is responsible for converting links into embed frames.

For example you can paste a Youtube video link into the editor content section and the Youtube embed will be generated for you when your page is viewed.

More information on WordPress Documentation

How to get rid of it?

I could finally get rid of that using this:

function my_deregister_scripts(){
  wp_deregister_script( 'wp-embed' );
}
add_action( 'wp_footer', 'my_deregister_scripts' );