Your insight seems reasonable, but what is your opinion about Youtube influencers, where the audience is huge, truly engaged, and all of their videos contain ads in the beginning and at the end aswell ALL the time?
Some channels even come with an enragingly subtle transition where you only realise you are watching an ad when you watched half of the ad, but the content is so good you cannot hate them enough to stop watching the channel?
Do these ads perform poorly aswell?