The third party cookies don't control ads in embedded videos, there are currently no ads in embedded videos whether you have paid for premium or not.
I have a bookmarklet that converts a youtube page to an embed for this reason, for when I get sick of seeing the same couple of adverts on a loop.
I certainly don't when using the inline-from-youtube-itself-via-bookmarklet trick.
https://support.google.com/youtube/answer/132596
>Ads appear on brand safe sites: YouTube works diligently so that our advertisers' brands appear on sites that reflect our respective core values. Our systems closely evaluate websites and their content against various factors when finding out whether to turn on In-stream ads on YouTube embeds. These factors include a strict set of guidelines on content like adult imagery, violence, inappropriate and hateful language, and sites that promote infringement.