Advertisers are not a homogeneous block. YouTube et al can afford to piss off some advertisers; if they're pissing off all advertisers, the material is probably extremely objectionable to most humans.
I challenge you to point out an example of content that has been banned from youtube because it offends advertisers, that you really think the banning of which is a significant issue. There's no shortage of material on YT hypercritical of Goldman "Vampire Squid" Sachs.
Whereas there is a long litany of material banned from Chinese networks for obvious political reasons. Furthermore, if you don't like YT's policy, you can use other video sharing sites or even gasp host your own videos. Try doing that in China and see how long it takes for men with guns to show up.