Yes. The downside, if one cares about privacy, is that the pressure to sell a user's history to a fourth party will be impossible for SponsorBlock to resist.
You're going to end up paying, one way or another.
The content that Youtube does have a right to monetize (all the garbage that starts 'hey guys' and ends 'remember to like and subscribe') I consider worthless.
I'm willing to relinquish a little bit of personal data for that.
I probably would, too, though reluctantly :(