some times ii look at the statistics and analysis thinking ok I now know the details but still don't know how to then do things from that knowledge to make my videos / channel better. lol :P
 
I'm not sure how much it benefits your video algorithm-wise (probably not too much because it's something people could easily game and YT doesn't give that type of interaction much weight anymore) but it probably helps people form an opinion of your video and they might watch more of it if they see lots of people have liked or commented on it. This could help improve watch time a bit which will improve your ranking.

The consensus seems to be that a poor likes to dislikes ratio shouldn't affect ranking negatively because it could just mean that a video or topic discussed is controversial and not necessarily a good or bad quality video.
 
Watch time is still the most important metric that Youtube cares about, when deciding where to rank your videos. Likes/dislikes can affect your watch time in the sense that some people will form opinions of your videos based on its ratio. I know occasionally I'll look at the like/dislike ratio during the first few seconds of watching a video, and if the dislikes are often too high, I may shutdown the video and probably move on to the next.
 
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