I've been watching the development of YouTube music for the last several years knowing my preferred platform's days were numbered.
YouTube Music fills the needs of some, perhaps many users, but it is not a 1:1 replacement and I'm not a fan of what they have to offer.
Also I hold a bit of resentment for YTM since the YouTube app no longer allows backgrounding podcast-style content or playing it with the screen locked. It tells you to go to YouTube Music instead but that's definitely not the right UX for watching/listening to that kind of content.