sadly, that's no longer true. Youtube mentioned that they will be running ads on all video even non monetized ones. Also just because an ad plays on the video doesn't mean the video creator gets the money. It might be going to someone who claimed the copyrights
Personally I think overdubs sound like transformative work so you might be able to get away with it legally. but with all things you are taking a risk. For example Chad Wild Clay used to make parody songs often and get lots of copyright strikes that he would fight and often win. but over time (if I'm not mistaken) he stopped making parody content because even if he was in the clear it was too much work to dispute every copyright claim
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