As someone just beginning, yes the platform is saturated. There's a lot of content being published every minute. There's the incident with the ads and whatnot. I mean, I guess if someone's aim on YT is to make a full time living off adsense, you might as well try the lotto as well. I believe those that have a strong fanbase, and that doesn't have to be millions, will give you the support you need and not via adsense. I don't know, I think getting into the YT game with the aim to make a full time job out of it, while a completely valid and desirable dream, might just not be the most appropriate target to have. I think focus on getting exposure, getting a fanbase, interacting with the community, being unique and having fun can just about make the path take its own route that might just turn out to be better than you expected.
But hey, I could be talking complete non-sense and I am far from knowledgeable about the platform. But if there's one thing I'm having right now, is fun. But I do agree that nowadays you have to work a hell of a lot more than 3-5 years ago.