As another lowly paid EU developer, I think the money for Youtube premium is completely wroth if considering all the value I got from the creators there over the years.
IMHO it's way more valuable than something like Netflix or Spotify since Youtube is not just brain-rot and entertainment, but a source of so much educational stuff on tech, math and programming, music, independent news reporting, fitness, dancing, finances, mindfulness, cooking, DIY, car and household repair tutorials, etc, so I'm curios why you would think it's not worth the money when you literally couldn't get videos on all those things anywhere else for any amount of money let alone for free(ads).
For example if I go now on Youtube, besides the usual clickbait brain rot, there's small creators from my country explaining various topics of interest on subjects from the nation's high-school final exams(equivalent to the US SAT, UK GCSE or French Baccalaureate) far better than the underpaid and unmotivated teachers usually do at class. Complex stuff on maths, physics, organic chemistry, CS, biology all explained for dummies in the local language based on what's gonna be at the exams. Sure it's the creators that are putting the effort, but Youtube made it frictionless and accessible to everyone in exchange for ads. I would have killed for such a thing to be wildly available when I was in school, and now it's for free on Youtube for all schoolkids to enjoy.