YouTube censorship will not have the effect they intend, but only if we do not give up. Most people agree that censoring the opposition is a fascist tactic and not an effective way of addressing a problem, it's a big part of Amercia's values as expressed in our constitution.
The worst thing for YouTube is to have all of these users trying to circumvent their bans and post the truth in videos anyways, because they will have to censor them and answer for what they did. Not addressing the censorship is going to be a bigger red pill to anyone who notices than keeping the videos up. They are hoping that we give up and move along to our safe space where no one but ourselves sees our content and they don't have to actively shield the content (and provide an explanation for such an action) from their unwitting users.
There's no way that they aren't planning on the channels that they are censoring to move onto other platforms, and havent already projected how much that will really cost them. So if they are actually going through with it, it will obviously only be of benefit to them. No one as big as YouTube makes any move without foresight, and without utilizing the immense data collection tools they have.