It's not too late, especially if you make good content. There are tons of ways to make money even if Youtube Ad Revue crashes. Sponsorships, crowdfunding, etc. But I feel like Youtube will get this worked out. It's not like they want their advertisers to leave, they have been bullied into removing ads by the media. From what I have heard, they just really suck at PR, which is why Youtubers are angry.
And even if Youtube goes down the tubes, people will still consume content, but will just take their views to Facebook, Vimeo, Pornhub, etc. They will follow the creators, rather than creators following the crowd.