Supporting youtube by paying for Premium is not even remotely close to "support your favorite content creators" and everyone knows it.
Seth Everman reported that about 35% of revenue came from YouTube Premium: https://youtu.be/WmAD8lyU9TY?si=oMGhR0skLgWUiq_8
But that's music, where ads are less profitable. So he made that quality financial content to get to the 100x CPM from quality financial content.
But if you mostly listen to music and memes like me, Premium is a good source of income.