Does iTunes Match work with movies?

No, its music only.

iTunes Match stores all of your music in iCloud—even songs you’ve imported from other sources such as CDs. You can access your music from all of your devices and listen to your entire library anytime. iTunes Match is an annual subscription.

Whether you can redownload iTunes purchased films depends upon what country that you are in and whether the studio/rights-holder keeps the film in your country's store.