If the issues you are worried about aren't present yet, then logically right now it would be a comparable to and a competitor with YouTube. People in the main don't avoid web services because of hypothetical technical problems that might exist in the future but that the design seems superficially resistant to.

PeerTube actually does have technical issues in there here and now, but the number one problem is just that YouTube is an excellent service preferred by both users and advertisers and PeerTube doesn't seem able to outdo it in any meaningful way.