Well, I wouldn't say there isn't a chance for YouTube to redeem themselves! The team still has plenty of time to make changes, and if they do, it's possible they still survive and even go on to be one of the major players in video consumption and creation.
It's a matter of how soon they make those changes though! Surely the leadership is taking note of this decline, but it's a matter of whether or not they make the necessary changes to lure creators and their audiences back to the platform.
surely but as you stated they are critical on time.
Oh for sure! The longer that a creator spends on a different platform, the more that creator will build an audience and thus an attachment there. If a creator earns any amount of money from that platform I'd guess YouTube's chances of winning them back are bleak. A twitch affiliate won't have any reason to go back to YouTube no matter how much they change!