I would dump Netflix before cancelling YT Premium. Everything on Netflix I can stream for free from pirate sites to my TV. YouTube actually has tons of informational and educational content and a premium subscription lets me support it without the ads. I probably watch YouTube twice as much as all my other vid subs combined.

I'm technically still sharing a Netflix account with my parents, though I rarely use it at this point.
Whenever I want to watch a movie, and I check Netflix, they don't have it. (It's worth pointing out that I'm not in the US)

In contrast, YouTube Premium gives me pretty much exactly what I seek from it. Videos from channels that I follow, but now without ads.

I watch a lot more YouTube than Netflix, personally