Yep, it technically does. If there is a live channel on Youtube showing say a football match, then yes, technically you have to pay a TV licence for watching it, since the same match is broadcast on a TV channel.

I don't think the policy is that ridiculous, it's just that it's one of these where certain edge cases like this one can be safely ignored. You will be tracked and found if you use the BBC iPlayer without having paid the licence, you will not be found out for watching some random live youtube channel. It's an imperfect rule for a complex world.