For many, no; taking on lots of sponsorships, you can make a good amount of money (especially the ones where you agree to do X posts across Y social media accounts for Z period of time, essentially being fully sponsored across a large swath of life).
But for a lot of tech/engineering channels, it'd be immensely difficult to make the same salary as you could working at a FAANG or the like. (I'm making about half what I made when I had a W-2, but it's enough).